CDP at COP29 in Baku: The Mattei Plan and gender funding at the centre of debate

CDP at COP29 in Baku: The Mattei Plan and gender funding at the centre of debate

Climate funding is steadily gaining ground as a vital strategy for combating global warming with investments which, according to United Nation’s data, will have to reach 4,300 billion dollars before the end of 2030 in order to achieve the aims of the Paris Agreement.

Cassa Depositi e Prestiti (CDP) also participated in this year’s United Nations Climate Change Conference (COP29), which opened in Baku, on 11 November - to consolidate the debate on the role of sustainable finance as part of the works of the Italian Pavilion, overseen by the Italian Ministry for the Environment and Energy Security (MASE), the Italian Ministry for Foreign Affairs and International Cooperation (MAECI) and Italy’s Agency for Cooperation (AICS).

Two sessions were organised by CDP: the first, held on 14 November – “The Mattei Plan: an opportunity to promote green partnerships and investments in Africa” – was dedicated to climate-related aspects of the Italian Government’s strategic programme. The second, on 19 November – “Why gender-focussed climate funding is important” – explored the interconnections between climate funding and gender.

The session on the Mattei Plan, held during the COP29 day dedicated to finance, discussed the growth opportunities for Italy and Africa’s partnership in depth, with a particular focus on food security and green infrastructure.

The discussion began with talks from Edmondo Cirielli, Deputy Minister of Foreign Affairs and International Cooperation, and Claudio Barbaro, Under Secretary of the Ministry for the Environment and Energy Security, followed by Marcello Ranucci of the Ministry of the Economy and Finance and Carla Montesi of the European Commission, who all outlined the Mattei Plan in the context of G7-related initiatives and the synergies with the Global Gateway programme.

The event ended with a discussion involving Paolo Lombardo, CDP’s Director of International Cooperation & Development Finance, and representatives from some of CDP’s main financial partners in Africa, including the African Development Bank (AfDB), the West African Development Bank (BOAD) and the Green Climate Fund The main initiatives underway to support green and sustainable investments in Africa, which involve the Italian Climate Fund, including the Special Fund set up by CDP and AfDB - the Alliance for Green Infrastructure and Investments (AGIA), partnering with AfDB, and the green hybrid bond issued by BOAD were the key points discussed

On the sidelines of the event, the Italian Government also signed an agreement with the Government of Kenya, for 150 million euros of funding using resources from the Italian Climate Fund, managed by CDP on behalf of the Italian Ministry for the Environment and Energy Security, for climate mitigation and environmental resilience projects, which are a part of the Mattei Plan. The agreement was signed by Paolo Lombardo on behalf of CDP, with representatives from the Italian and Kenyan governments present. The resources, related to the Kenyan Government’s implementation of a number of political, regulatory and legal reforms, will help the country’s efforts to transition towards a green economy, under a broader-ranging World Bank programme aiming to deploy over 2.5 billion dollars in Kenya.

The links between climate funding and gender were also discussed at COP29 during the event “Why gender-focussed climate funding is important”, promoted by CDP in partnership with the international organisation 2X Global, and held at the Italian Pavilion on 19 November.

The climate emergency is hitting the resilience of women hard, exposing them more to social, economic and environmental risks. According to UN Women, climate change could push 158 million women and young girls into poverty by 2050, with 250 million at risk of food insecurity. However, UNEP’s Adaptation Gap Report points out that one third of loans earmarked as “significant in terms of gender” do not actually address this prospect.

The interconnection between the impacts of the environmental crisis and gender inequalities, and how this can bring about positive changes in communities, strengthen resilience and generate benefits for women and vulnerable groups, was the key theme of the panel led by Manuel Pulgar Vidal, former Minister of the Environment of Peru and WWF Global Leader for Climate and Energy, with representatives from Global Engagement and Partnerships, Environmental Defense Fund (EDF), Heading for Change, Climate Investment Funds (CIF) and the European Investment Bank (EIB) taking part, to discuss how all talks outlined gender integration in climate strategies as a way of making mitigation and adaptation actions more effective.

The panel then addressed the key role of public and private investors, with the aim of sharing strategies to integrate gender issues in future climate projects, with a particular focus on the New Collective Quantified Goal (NCQG), the United Nation’s new global goal on climate finance, a central theme of this year’s COP.

CDP confirmed its support for the 2X Global coalition with a new financial commitment, already announced during Italy’s Presidency of G7 2024, with the aim of deploying 20 billion dollars over the next three years to promote investments targeting both the climate and gender equality.