World leaders and industry experts gathered at the 2025 Summer Davos to address the pressing issue of climate finance in a special session titled “Where’s the Capital for Climate?”
Despite commitments of $300 billion annually to support emerging economies and enhanced oversight of carbon credit trading following COP29, a significant climate finance gap remains. Trillions more are needed to drive rapid climate action and mitigate the impacts of climate change, especially in the Global South.
Michael Wang of CGTN moderated a dynamic discussion featuring James Opiyo Wandayi, Kenya’s Minister of Energy and Petroleum; Liu Zhenmin, China’s Special Envoy for Climate Change; Nonkululeko Nyembezi, Chair of Standard Bank Group (South Africa); and Majid Al Suwaidi, CEO of Alterra.
James Opiyo Wandayi emphasized the urgent need for increased investment in renewable energy projects across Africa. “We have the resources and the potential,” he said, “but unlocking capital at scale is essential to realize sustainable development goals.”
Liu Zhenmin highlighted China’s commitment to supporting global climate initiatives. “Collaboration between nations and the mobilization of private capital are key to addressing the climate crisis,” he noted.
Nonkululeko Nyembezi discussed the role of financial institutions in bridging the funding gap. “Banks must innovate to provide financing solutions that support green projects while ensuring economic viability,” she stated.
Majid Al Suwaidi stressed the importance of public-private partnerships. “Leveraging the strengths of both sectors can accelerate climate action and drive investments where they are most needed,” he said.
The session concluded with a consensus on the need for amplified involvement from both the private and public sectors to unlock capital at scale. Attendees called for innovative financing mechanisms and stronger international cooperation to meet the enormous financial demands of combating climate change.
