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he global finance and investmentcommunity will be approaching theforthcoming United Nations climatesummit in Cancun with a sense ofwariness. Sure, there will be the usual meetings andglad handing around the climate policy circuitsbeforehand but, for the large part, the collectivefinancial services and investment community feltbadly let down in Copenhagen, for more than just theobvious reasons. Why?Many of the bankers, insurers and investors whoattended the blighted UNFCCC summit left the Danishcapital with a real sense of having gone to the party "alldressed up" only to be left as a wall flower without asingle hope of securing a dance partner. For two years in the run up to COP15, various financeand investment groups struggled to chisel a cohesivemessage for policy-makers. A message that woulddeliver granular policy-input to help operationalise themuch called for public-private cooperation to leveragethe US$ multi-trillion, multi-decade financing whichwould speed the move to a low-carbon, resource-efficient economy. Arriving in Copenhagen, expectationswere high that after having stressed the critical role ofprivate finance and capital markets, the policycommunity would be ready to work with private financeand investment in an informed dialogue.A tsunami of perplexing politics swept all of these hopesaway. Experienced hands from the financial communityknew that to be the case at the end of the first week inCopenhagen, ahead of the chaotic second week of neverending queues and disturbance in the streets. Despitemore than two years of increasingly co-ordinated effortto present the views of private finance and investmentfrom groups such as the Institutional Investors Group onWARINESS AND HOPE IN CANCUN?050FINANCETROB TACON, FORMER CHAIRMAN, AND PAUL CLEMENTS-HUNT, HEAD, UNEP FINANCE INITIATIVE (UNEP FI)

FINANCE051Climate Change, the Investor Network on ClimateChange and UNEP Finance Initiative, the negotiatorswere in no mood to listen to private finance or the arrayof capital market actors gathered with the other 40,000international visitors in Copenhagen.By the first Thursday of the two-week meeting, the"writing was on the wall" for the financial servicecommunity's aspirations that a meaningful dialoguewould take place. A senior negotiator for the EuropeanUnion captured the critical issues for finance andcapital market actors when he explained: "Any effort tointroduce private finance or even point to capitalmarket mechanisms is seen by a significant group ofdeveloping countries as a co-ordinated effort to roleback Overseas Development Assistance. Also, the?