Citi today announced the release of three Global Perspectives & Solutions (Citi GPS) reports that highlight a range of challenges and opportunities related to the climate crisis. The new research, which underscore the importance of increased private and public sector engagement to address complex global issues, will be discussed at the 2022 United Nations Climate Change Conference (COP27) in Sharm El Sheikh, Egypt.
• Climate Finance – Mobilizing the Public and Private Sector to Ensure a Just Energy Transition
A cumulative total of $125 trillion in capital investment is needed for the global economy to reach net zero by 2050. This translates into $2.6 trillion per annum over the next five years, increasing to $3.6 trillion per annum from 2026-2030. An estimated $600-900 billion was invested in 2020, which is substantially lower than what is needed to limit the negative impacts of climate change, and shows the need for all regions to scale up their climate investment flows. This report analyzes the key private and public sector institutions involved in climate financing and the various financial mechanisms that can be used to mobilize finance in developed countries, mature emerging markets and developing countries. This research will be launched in partnership with the United Nations Framework Convention on Climate Change (UNFCCC) at COP27 on November 9.
• Food Security – Tackling the Current Crisis and Building Future Resilience
Food insecurity continues to impact almost a third of the global population, and one out of ten people suffer from some form of malnutrition. These figures continue to rise due to environmental shocks, global growth post-pandemic, surging energy costs, global inflation and high debt levels, all exacerbated by the Russia-Ukraine war. A sustainable, long-term solution for global food security is not possible without also tackling climate change, which has significant impacts on food production. This report examines the wide-reaching social, economic and geopolitical implications of food insecurity, and explores a range of social, technological, financial and public sector solutions. Key findings will be presented at COP27 on November 10.
• Energy Transition – Gaining Momentum on the Path to Net Zero
Following conversations at COP26 last year, the Russia-Ukraine war posed a palpable threat to the global momentum of achieving net zero by 2050. This report examines a range of economic and political challenges, within and among countries, that continue to impact the reliance on fossil fuels and the global energy transition.
In addition to these GPS reports, Citi will host a panel event at COP27 on November 10 to present new research focused on the importance of a sustainable ocean economy. Often overlooked, ocean health plays a critical role in maintaining the global climate and tackling biodiversity loss, and the event will explore how the public and private sectors can work together to better manage ocean resources and address these interconnected issues.
Citi’s presence at COP27 includes a delegation of senior leaders representing businesses across the firm that are working to accelerate the transition to a net zero economy. Citi’s engagement this year includes its ongoing work with the Government of Egypt across Ministries as it prepares to host COP27, advising on best practice solutions for the energy transition, climate funding structures, and strategies for Egypt’s national Nexus of Water, Food and Energy (NWFE) platform. This work builds on Citi’s continued commitment to reach net zero by 2050 and help support a responsible and inclusive transition, particularly in emerging markets, and to engage with key climate stakeholders on strategies for global climate action.
For more information on Citi’s efforts at COP27, please visit https://icg.citi.com/icghome/events/cop27-2022-united-nations-climate-change-conference
