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At Hamburg Sustainability Conference UNECE shares practical solutions for climate action and sustainable development

Hamburg Sustainability Conference 2024

On the heels of the Summit of the Future and adoption of the Pact for the Future, the first Hamburg Sustainability Conference (7-8 October) gathered international policy makers, business leaders and civil society to discuss ways to accelerate SDG implementation. Attending the conference, UNECE Executive Secretary Tatiana Molcean presented UNECE tools and initiatives that are already laying the foundation for strengthened international cooperation necessary to deliver result-oriented solutions, at the Mayors’ Panel on achieving sustainable cities of the future. 

The Executive Secretary recalled that cities are key partners in achieving sustainable development as they are on the frontlines of addressing humanity’s most pressing problems. In its work UNECE applies a comprehensive approach to urban challenges and it supports local and regional authorities across various key areas, each contributing to the creation of more resilient, representative, and sustainable urban environments. Some of the most important initiatives include:  

 

  • Forum of Mayors to gather city leaders to exchange knowledge and local solutions, and engage with international policy and decision-making; 
  • PIERS methodology to score infrastructure and public-private partnership (PPP) projects against SDGs;  

 

Opening the Sustainable Finance Forum, which bridges the Hamburg Sustainability Conference and the upcoming COP29, the Executive Secretary drew attention to the immense investments needed for the energy transition: to achieve the objectives of the Paris Agreement, USD 5 trillion are needed annually from now until 2030 in the energy sector alone. Yet, 2023 saw USD 1.8 trillion invested in the energy transition, which represents an increase of 17% over the previous year. Hard-to-abate sectors and small businesses face even greater challenges in securing such financing.  

Aiming to address these gaps, the Forum brought together investors, decision makers and energy transition project leaders. Of some 250 initiatives mapped, 10 projects from South-Eastern Europe and Central Asia requiring financing of over USD 15 billion were shortlisted for showcasing at COP29.  

With its PIERS methodology UNECE can help governments and financial actors to align their infrastructure and PPPs projects with the SDGs, thus advancing climate action and resilient infrastructure for a sustainable future. The shortlisted projects will benefit from training on PIERS, helping to strengthen accountability, transparency and investor readiness.  

The Sustainable Finance Forum was convened by UNECE, the United Nations High-Level Climate Champions, DZ BANK, the European Commission, and the German Chapter of the International Chamber of Commerce (ICC Germany) to strengthen the work of international partners in the field of transition finance.  

The topic of strengthening the contribution of public and private capital providers to climate action was on the agenda of the Executive Secretary’s bilateral meetings on the margins of the Hamburg Sustainability Conference, particularly during her discussion with Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for Sustainable Development. Mr. Mohieldin and Ms. Molcean agreed that an appropriate business environment is important to attract private investors and financiers to drive the transition. They also exchanged about the role of the Carbon Border Adjustment Mechanism and its impact on neighbouring countries to the EU and the role of organisations such as UNECE in supporting adaptation. They also discussed targeted taxation in helping emerging markets embrace the energy transition.   

Meeting with the Secretary General of the International Chamber of Commerce (ICC), John Denton, the Executive Secretary highlighted the importance of involving the private sector to accelerate SDG implementation, as well as the joint work by UNECE and ICC to promote the global use of digital trade standards.  

In discussion with Bärbel Kofler, Parliamentary State Secretary at the Federal Ministry for Economic Cooperation and Development of Germany, Ms. Molcean stressed the role of UNECE as a standard setter and an effective regional cooperation platform to advance sustainable development across diverse fields, including energy, environment, gender equality and transport among many others.