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Revision as of 12:20, 17 April 2013
Discussions on climate financing have played a vital role in the last international climate negotiations resulting in the commitment that developed countries would spend funds of $30 billion of new and additional resources from 2010-2012 as ‘fast start funding’ and $100 billion per year by 2020 as long-term funding.[1][2]
Finances to support climate change mitigation and adaptation are provided by a variety of sources. Among these agents are various multilateral financial institutions (e.g. regional development banks, the European Investment Bank, the Wold Bank and the International Finance Corporation), bilateral development cooperation agencies and finance institutions, the private sector, domestic budgets and United Nations Framework Convention on Climate Change (UNFCCC).
According to Buchner et al. (2011) a total of USD 97 billion climate finance is currently distributed annually to support mitigation and adaptation actions with the large majority of finances being used for mitigation. The study states that “the amount of private finance is almost three times greater than public finance”.[1]
Financial flows for climate change mitigation and adaptation in developing countries (Source: Atteridge et al. 2009)[3]
Funds under the United Nations Framework Convention on Climate Change (UNFCCC)
A high share of climate finances is related to the implementation of the United Nations Framework Convention on Climate Change (UNFCCC). As financial resources vary among the UNFCCC parties, developed countries (Annex II Parties) are required to provide financial support to assist developing countries in implementing the convention. To facilitate the provision of funds the Convention has established a financial mechanism that is operated by the Global Environment Facility (GEF) and accountable to the COP (Conference of Parties to the UNFCCC). The GEF Trust Fund mobilises a large share of financial resources for climate change and also manages two of the four special funds that have been established by the Parties - the Special Climate Change Fund (SCCF) and the Least Developed Countries Fund (LDCF). The Green Climate Fund (GCF) which has been decided at COP 16 (Cancun 2010) and has been launched at COP 17 (Durban 2011) is designed by a Transitional Committee compromised of 40 UNFCCC Parties.
References
- ↑ 1.0 1.1 Buchner, B., Falconer, A., Hervé-Mignucci, M., Trabacchi C., and Brinkman, M. (2011): The Landscape of Climate Finance. A CPI Report, Climate Policy Initiative, Venice (Italy). http://climatepolicyinitiative.org/publication/the-landscape-of-climate-finance/fckLR[accessed 17 April 2013]
- ↑ UNFCCC (2011): Report of the Conference of the Parties on its seventeenth session, held in Durban from 28 November to 11 December 2011, http://unfccc.int/resource/docs/2011/cop17/eng/09a01.pdf#page=23 fckLR[accessed 17 April 2013]
- ↑ Atteridge, A., Kehler Siebert*, C., Klein, R., Butler, C. and Tella, P. (2009): Bilateral Finance Institutions and Climate Change: A Mapping of Climate Portfolios. Stockholm Environment Institute for the Climate Change Working Group for Bilateral Finance Institutions Submitted to the United Nations Environment Programme (UNEP) and the Agence Française de Développement (AFD), Stockholm Environment Institute. http://www.sei-international.org/mediamanager/documents/Publications/Climate-mitigation-adaptation/bilateral-finance-institutions-climate-change.pdf [accessed 17 April 2013]
