Statement of Glenn Stuart Hodes
Climate Policy Expert
low-carbon technologies. Dedicated activity budgets for policy monitoring and
enforcing compliance to emissions standards are a requisite.
2) Integrating comprehensive risk management strategies into local planning
and public investment frameworks to promote synergies between climate
adaptation and disaster risk reduction. Green growth and long-term resilience can
be fostered by requiring that feasibility studies and appraisals take into account
existing evidence of past climate change damages and losses when evaluating
alternatives. For example, a recent analysis shows constructing rural roads in
Cambodia would require an additional 20% in capital costs to be sustainable and
meet required ADB investment return rates after taking into account climate risk
and mitigation measures. However, in many cases integrating climate proofing
measures can make good economic and business sense in the medium-to-long
term. Land and forest management laws, building codes, and local government
acts can mandate that specific climate adaptation relevant objectives are included
in programme design, accompanied by pre-identified key target areas and
beneficiaries including the disabled.14
3) Installing systematic mechanisms and platforms for climate financing linked
to robust systems to track and reward private investment. Green fiscal reforms
such as revenues from carbon taxes or allowances can subsidize programmes and
climate-proofing of infrastructure. A detailed NDC investment plan and platform
to monitor, report and verify fund flows including private investments could
serve to realign future economic growth in a manner that promotes a safeguarding
of life, livelihoods, and property against climate extremes. An example is the
Climate Finance MRV system developed in Colombia, which helps to track and
verify climate-friendly private investment. New platforms can provide
instruments and incentives for risk pooling and aggregating private investment in
low-carbon infrastructure and service delivery otherwise not yet immediately
commercially bankable. These can also be tied to carbon mitigation output and
related performance-based results and build upon existing crowd funding
platforms for sustainable energy and carbon investment.15
4) Setting minimum thresholds on budgetary spending and credit quotas by
central banks for climate action at various levels, including LGUs. Data from
the CCC indicate a rising trend of budget allocations and expenditure for climaterelevant activities. As a share of GDP, however, spending could be more
proportionate to the estimated value of economic damages and losses and aligned.
Fiscal transfer criteria can also be shaped to better incentive performance to meet
national SDG13 goals and other SDG targets with climate change co-benefits.16
14
Under the SDGs governments are obligated to provide safe and accessible services to men and women who are differently
abled. However, in practice, communities most affected by climate change and persons with disabilities are often excluded or not
directly targeted in climate change and disaster management strategies or plans, despite provisions to equal access to protections.
15 For example, UNDP and TRINE have partnered to scale-up investment in high-impact energy projects such as off-grid solar.
16 For example, Brazil, India, and other countries have pursed various ecological-based fiscal transfer formula that can have a
direct or indirect incentive on financing climate mitigation and adaptation action such as forest conservation.
4