Join us as we explore one of the most significant issues facing the delivery of climate adaptation and mitigation policies: finance. British Expertise International is delighted to host Rachel Turner, Director International Finance at the FCDO to give her insights into climate finance and development.
Join us for a discussion with Rachel Turner, FCDO Director of the International Finance focusing on Economic Development. With Climate Change high on everyone’s agenda, we have asked Rachel to share her insights “Climate Finance and Development” as well as some perspectives FCDO priorities. Both funders (i.e. FCDO) and recipients will need to ensure that climate finance effectively contributes climate change adaptation and mitigation, and furthermore positive development outcomes and poverty reduction.
As we approachCOP26, the issue of who finances the necessary yet vastly expensive policies and strategies in developing nations is becoming increasingly prevalent. At COP26, the UK is hoping to mobilise $100 billion a year from 2021 to 2025 in order for developing countries to actively respond to climate change and reduce emissions. However, whilst this is a considerable sum, it is well recognised that this figure is still significantly below what is needed to prepare many developing countries for the broad impacts of climate change. Now is the time to look outside of traditional means of financing and towards direct climate finance, as we explore in this event FCDO perspectives on climate financing and development.
The FCDO, alongside other public financial institutions like the multilateral development banks, are continuing and accelerating their targeted finance programs which aims to effectively prepare for climate adaptation and mitigation. For instance, the UK International Climate Finance invested $5.8 billion across the developing world between 2016 and 2021.
Rachel was previously director for East and Central Africa, overseeing legacy DFID’s programmes in Ethiopia, Kenya, Rwanda,Somalia, Sudan, South Sudan, Tanzania, and Uganda. She has over 20 years of development experience in low and middle income countries of Africa, the former Soviet Union and Eastern Europe. She has headed the legacy DFID office in Mozambique and with her experience of managing DFID’s relationships with global financial institutions, she has a strong understanding of public and private sector development issues and wide involvement with the multilateral and bilateral development architecture.