A Global Call to Action on Transition Finance at COP28

An open letter released by RMI and 10 other NGOs during COP28 calling for the urgent mobilization of transition finance to decarbonize high-emitting and hard-to-abate sectors. The document defines the characteristics of credible transition finance and provides specific calls to action for the financial sector, governments, and corporate issuers to overcome barriers such as greenwashing fears and high capital costs.

• Transitioning the global economy to meet 1.5°C warming limits requires an estimated capital investment of $200 trillion to $275 trillion by 2050.
• The deployment of transition-enabling capital is currently hindered by several factors, including the fear of greenwashing accusations, insufficient policy and regulatory signals, high capital costs, technology and offtake risks, and a lack of bankable projects for critical technologies.
• The signatories define credible transition finance as activities that enable the decarbonization of high-emitting entities or hard-to-abate sectors with a 1.5°C-aligned pathway, are based on science-based strategies considering a just transition, are monitored via annual reporting against baselines, and avoid carbon lock-in by not extending the life of high-emission assets beyond scenario horizons.
• The document outlines specific requirements for stakeholders: the financial sector should develop internal policies, scale transition products, and report outcomes; governments should create enabling policy frameworks, de-risk investments, and support just transitions; and issuers/borrowers should publish credible transition plans, seek third-party verification, and report material transition metrics.

APA

RMI (2023). A Global Call to Action on Transition Finance at COP28. https://rmi.org/resources/a-global-call-to-action-on-transition-finance/

Chicago

RMI. A Global Call to Action on Transition Finance at COP28. 2023. https://rmi.org/resources/a-global-call-to-action-on-transition-finance/.

Wikipedia

{{cite press release |author=RMI |title=A Global Call to Action on Transition Finance at COP28 |date=27 November 2023 |url=https://rmi.org/resources/a-global-call-to-action-on-transition-finance/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{rmi2023global, author = {{RMI}}, title = {{A Global Call to Action on Transition Finance at COP28}}, publisher = {RMI}, year = {2023}, month = nov, url = {https://rmi.org/resources/a-global-call-to-action-on-transition-finance/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }