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News
Dec. 14, 2010 - Copenhagen Principles adopted at Cancun
The 16th UN Conference of the Parties, which concluded on Saturday in Cancun, may have received less coverage than the proceedings in Copenhagen one year previously, but, according to the UN, “faith in the multilateral process” has been restored through the integration into the United Nations Framework Convention on Climate Change of major elements of the Copenhagen Accord, including recognition of industrialised countries’ emission pledges under the accord, the development of funding mechanisms for “green aid” to developing countries, and an agreement to develop a framework of international verification of countries’ actions.
On mobilizing aid for to developing countries for mitigation and adaptation, the "Cancun Agreements" include a provision for providing $30 billion in "fast start" finance by 2012, with the intention of raising $100 billion in long term funds by 2012.
The UNFCCC press release on these agreements can be found here.
Nov. 5, 2010 - UN Panel Outlines Paths to Adaptation Funding
New York – The UN’s High-Level Advisory Group on Climate Change Financing (AGF) today released its report on mobilizing the transfer of funds for climate change adaptation from developed nations to undeveloped nations, many of which are particularly vulnerable to climate change. According to the AGF, the goal of providing $100 billion per year by 2020, which had been targeted at the Copenhagen Climate Conference last December, is “challenging but feasible”.
In the report, the AGF suggests that a primary funding source could come from the transfer of a percentage of the revenues from carbon taxes and/or permit auctions; based on carbon prices of $20-$25/t CO2e, 10% of such revenues from developed countries could mobilize up to $30 billion per year for adaptation. Other potential sources include direct budgetary funding, the repurposing of existing fossil fuel subsidies, and more indirect levers such as international private capital flow stimulus and green investment through multilateral development banks. An additional $10 billion per year might be raised through a tax on international currency transactions, although the AGF notes, and commenters have warned, that this would be difficult to implement universally.
The findings of the report will be forwarded to the heads of state attending next month’s Conference of the Parties 16 in Cancun, where the options for possible amendment and inclusion into the UN Framework Convention on Climate Change (UNFCCC) will be debated. Although in principle the goal of funding adaptation measures seems attainable, a number of major parties will have significant disagreements over the details of this plan. Additionally, the overall political climate may not prove to be favourable, especially given the results of the recent midterm elections in the US.
Climate Adaptation Works’ Karl Schultz notes, “the AGF’s report is a powerful step forward in securing political momentum to finance climate adaptation. Climate Adaptation Works hopes our expertise and offerings, in particular our market-based credit mechanism can help play a role in both identifying politically viable sources of finance and deploying it in the most effective way to help vulnerable communities in developing countries.”
For more information on the AGF, visit: http://www.un.org/wcm/content/site/climatechange/pages/financeadvisorygroup
For more information on Climate Adaptation Works’ market based climate adaptation finance mechanism, see: www.climate-mitigation.com/CP126.pdf
Sept. 30, 2010 - Climate Finance Meeting in Geneva
High-ranking representatives from 46 countries and the EU met in Geneva on 2 and 3 September 2010 for an informal exchange on the financing of climate action. The dialogue was chaired by Swiss Federal Councillor Moritz Leuenberger and Mexican Foreign Secretary Patricia Espinosa. Both praised the constructive atmosphere at the talks in -for the UN Climate Change Conference in Cancun.
The aim of the climate dialogue of 2 and 3 September 2010 in Geneva was to raise awareness among the invited countries of the challenges involved in the financing of measures to deal with climate change. It was also intended to discuss possible financing methods with a view to exerting a positive influence on the formal climate negotiations under the United Nations Framework Convention on Climate Change.
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News and Events
Dec. 14, 2010 -
Copenhagen Principles adopted at Cancun
The 16th UN Conference of the Parties, which concluded on Saturday in Cancun, may have received less coverage than the proceedings in Copenhagen one year previously, but, according to the UN, "faith in the multilateral process" has been restored... more