New Frontiers in Climate Finance

This episode of New Frontiers in Climate Finance features Mike Wilkins and host Harry MacKenzie discussing the outcomes of the Fourth UN Conference on Financing for Development (FFD4) in Seville, and its critical role in shaping climate and sustainability finance. The conversation unpacks why FFD4, despite being far less publicised than the annual COP climate conferences, may be equally, if not more important for directing capital to climate action, particularly in the Global South.  Mike explains the governance and lending mechanics of multilateral development banks (MDBs) like the World Bank, and why reforming their risk tolerance, capital adequacy rules, and governance structures could triple annual climate-related lending. The discussion explores under-reported but powerful financial levers, such as debt-for-development swaps, special drawing rights, and innovative instruments like intellectual property–backed securities, that could unlock billions for climate resilience, adaptation, and mitigation.  The episode also addresses the imbalance of power between developed and developing nations in global finance, the political and economic realities constraining reform, and the pivotal role that FFD4 outcomes could play in influencing negotiations at COP 30 in Brazil later this year. Mike makes the case that scaling concessional climate finance is both a moral imperative and an economic necessity for a stable global financial system.  To learn more about Mike’s work, please see the link below:  Guest: Mike Wilkins  Professor Raúl Rosales Contribution 00:00 Introduction to FFD4 and its Significance  01:02 Why FFD4 Matters as Much as COP  03:14 Governance and Power Imbalances in MDBs  06:48 How to Triple Climate Lending Capacity  10:12 Debt-for-Development Swaps and Special Drawing Rights  15:03 Role of Credit Rating Agencies  18:24 Innovative Finance: IP-Backed Securities and R&D Bonds  22:19 Linking FFD4 to COP 30 Outcomes  27:44 Closing Thoughts and Next Steps 

Heavy industry is responsible for some of the most stubborn greenhouse-gas emissions on the planet. Cement alone drives an estimated 7-8 % of global CO₂ output, while bulk chemicals such as ethylene sit at the heart of the world’s largest industrial energy user – the chemicals sector. As governments tighten climate policy and investors demand credible net-zero plans, decarbonising these “hard-to-abate” sectors has become an urgent financial and technological challenge.   In this episode of New Frontiers in Climate Finance, host Harry MacKenzie speaks with two experts who bridge engineering and finance: Dr Gbemi Oluleye, chemical-engineering researcher developing whole-system tools for deep decarbonisation, and Dr Raúl Rosales, Senior Fellow at Imperial’s Centre for Climate Finance & Investment and Co-Director of King’s Net Zero Centre. Together they unpack how market-based mechanisms (carbon markets, offtake contracts, blended-finance structures) can unlock the capital required to scale breakthrough technologies for low-carbon cement and ethylene.   Listeners will learn why traditional project-finance models often stall in heavy industry, which policy signals really move private capital, and how integrated engineering-policy-finance thinking can close the cost gap versus fossil incumbents.    Please find below some of the brilliant talks and research by our two guests.    Raúl: Raul Rosales Profile | Imperial College London Enhancing-Market-Infrastructure-and-Integrity-to-Scale-Up-Carbon-Markets-in-ASEAN-Policy-Brief.pdf The Carbon Credit Price and National Tree Planting Impact of Woodland Carbon Code Admittance to the UK-ETS | Imperial Business School Global Voluntary Carbon Markets (VCMs) and Market Infrastructure Financial Accounting for Carbon Finance: A New Standard for a New Paradigm Gbemi:  https://gbemioluleye.com/research/ https://www.sciencedirect.com/science/article/pii/S0360319925015721 https://www.youtube.com/watch?v=3pdLdvWUm0c&pp=ygUNZ2JlbWkgb2x1bGV5ZQ%3D%3D https://www.youtube.com/watch?v=W-wUwx9SO_k&pp=ygUNZ2JlbWkgb2x1bGV5ZQ%3D%3D https://www.youtube.com/watch?v=Ggx8xMTOvCI&pp=ygUNZ2JlbWkgb2x1bGV5ZQ%3D%3D https://www.youtube.com/watch?v=rMmSLZRLugE&pp=ygUNZ2JlbWkgb2x1bGV5ZQ%3D%3D https://www.youtube.com/watch?v=ekknyM7P9S8&pp=ygUNZ2JlbWkgb2x1bGV5ZQ%3D%3D   Sign up to Imperial's London Climate Action Week events below:  Imperial London Climate Action Week: https://www.imperial.ac.uk/events/96888/london-climate-action-week/

This podcast episode features Alissa Kleinnijenhuis and host Harry MacKenzie discussing the New Common Quantified Goals (NCQGs) from COP 29 and its implications for global climate finance. The conversation underscores the systemic omission of fossil fuels from climate action discourse and highlights the inadequacies of the current financial commitments to decarbonization. Alissa elaborates on the need for developed countries to provide substantial and properly defined climate finance in grant-equivalent terms to aid developing countries in transitioning to renewable energy. The episode also explores the geopolitical and economic dynamics that hinder sufficient climate action and the urgent necessity for a coordinated, large-scale financial response to meet global mitigation targets. Alissa concludes by pointing out the economic self-interest for developed nations to fund decarbonization in developing countries, emphasizing the critical nature of timely and targeted climate finance. To learn more about Alissa’s research, please follow the links below:  Joint Statement: link  Paper #1: link  Paper #2: link  00:00 Introduction to the Climate Crisis  00:28 Understanding NCQGs and Their Importance  00:58 Challenges in Climate Finance  02:26 COP 29 and Climate Finance Goals  04:01 Issues with Current Climate Finance  05:09 Economic Case for Climate Finance  06:25 Political and Economic Barriers  08:32 Proposed Solutions and Recommendations  28:29 Conclusion and Final Thoughts 

This podcast episode features Angel Miao, Raffaele De La Croce (Advanced Research Fellow at the Centre for Climate Finance and Investment and Co-Director of the Singapore Green Finance Centre), and Emma Howard Boyd (Chair of the London Climate Resilience Review), in a conversation about the role of finance and investment in urban adaptation and resilience. The discussion highlights the vulnerabilities of cities like London to climate impacts, explores innovative investment models, and examines the importance of integrating social dimensions into climate adaptation strategies. The episode concludes with a focus on future research, policy engagements, and international collaboration to promote resilient urban planning. To learn more about Raffaele’s research, please click here. To learn more about Emma’s work with the London Climate Resilience Review, please click here.  00:00 Introduction to New Frontiers in Climate Finance  00:23 Urban Adaptation and Resilience: The Policy Challenge  01:22 Expert Insights: Raffaele De La Croce and Emma Howard Boyd  02:05 Key Findings and Policy Recommendations  08:07 People-Centered Approach to Adaptation  20:05 Nature-Based Solutions and Community Engagement  25:43 Role of the Financial Sector in Climate Resilience  29:22 Future Steps and Concluding Thoughts 

This podcast episode features Angel Miao, Raffaele della Croce (Advanced Research Fellow at the Centre for Climate Finance and Investment and Co-Director of Singapore Green Finance Centre), and Stella Whittaker (PhD Candidate at Copenhagen Business School and Climate Change Adaptation and Resilience Lead at Royal HaskoningDHV) in a conversation about the current status of adaptation and resilience financing in London, Singapore, and Copenhagen, and the types of adaptation projects and innovative that can serve as inspiration for future policymakers. To learn more about Raffaele and Stella’s research, please click here. 

This episode features Angel Miao, Michael Wilkins (Executive Director & Professor of Practice at the Centre for Climate Finance and Investment), and Leila Pourarkin (Partner at Kaya Partners) in a conversation about the key topics of discussion at COP29 in Baku, the challenges of scaling climate finance, and what the comeback of Donald Trump means for global climate action. To learn more about Imperial College London’s insights on COP29, please click here.  

Raffaele della Croce, an Advanced Research Fellow and Co-Director at the Singapore Green Finance Centre, joins Kit England, a Senior Climate Adaptation Specialist with a decade of experience, to discuss adaptation financing in the UK. They address the urgent need for innovative financial models to combat climate risks while emphasizing private sector involvement. The duo shares success stories from collaboration between public and private sectors, highlighting diverse financing instruments and the challenges of measuring co-benefits in adaptation projects.

This podcast episode features Angel Miao, Ralf Toumi (Co-Director of the Grantham Institute), and Tom Philp (CEO of Maximum Information) in a conversation about the evolution of tropical cyclones due to climate change, the importance of accurate climate modelling in mitigating the impact of these destructive storms, and how the private sector is leveraging these insights. To learn more about Ralf’s research, please click here. To learn more about Maximum Information’s products and mission, please click here.  

This podcast episode features Angel Miao and Milica Fomicov, Teaching Fellow at the Centre for Climate Finance and Investment, in a conversation about the opportunities and challenges of investing in clean technologies in Southeast Asia, a region which needs to accelerate its decarbonisation efforts. To learn more about Milica’s research with the International Energy Agency, please follow the link here.  

This podcast episode features Ivana Popovic, Research Associate at CCFI and Alexander Koberle, Honorary Research Fellow at CCFI, in a conversation about the just transition, its implications for various sectors and the financial institutions. Learn more about the research mentioned here.