Revision as of 12:17, 17 April 2013 by
***** (***** | *****)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)
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