Some commentators are promoting the idea of an initiative in Paris to shift the “Clean Trillion” - driving at least $1 trillion in incremental investment in the energy sector to promote low emissions growth.
While the scale of these funds is critical, so is the quality. Funds mobilized to invest in low-carbon development should be subject to standards, which should be agreed in a participatory way, and subject to independent verification. But the funds should also be deployed in the interest not only of low-carbon, but also climate-resilient development.
Our proposal is to launch a tripartite process that should involve civil society as full negotiating partners, the private sector and governments, to agree upon a set of principles to guide responsible investment in the energy and climate-related sectors for low-carbon and climate-resilient development.