Climate financing challenging, feasible

An Expert's View about Renewable Energy in the United States

Posted on: 9 Nov 2010

While challenging, the goal of providing USD100 billion annually in support by 2020 is feasible, said a report from high-level advisory group of UN.

6 November 2010 UN: Climate change financing 'challenging but feasible' Co-chair of the Advisory Group, Prime Minister of Norway Jens Stoltenberg and Ban Ki-Moon, UN Secretary-General. Photo: UN While challenging, the goal of providing USD100 billion annually in support by 2020 is feasible, said a report from high-level advisory group convened by UN Secretary-General Ban Ki-moon on mobilizing financing to help developing nations deal with climate change. The report by the advisory group said the money must come from a wide range of sources - public and private, bilateral and multilateral. It said grants and highly concessional loans were essential for adapting to climate change in the world's most vulnerable countries, including small island developing States. "It will need sustained political will, appropriate public policy signals for the markets, and financial ingenuity," Mr. Ban told reporters on Friday at a press conference in New York. "There is no silver bullet - no 'one size fits all' solution for raising these funds." The report stressed the importance of rapid and decisive actions. "Now is the time to take decisions," it said, adding that mobilizing financing will require strong commitments to the goals set by nations to mitigate climate change and the introduction of new public instruments on carbon financing. The careful and wise use of public funds, combined with private funds, can generate "truly transformational investments," the Advisory Group found. It also underscored that the prudent and results-based use of funds would greatly enhance the credibility of both developed and developing nations in raising and using resources. Financing key for Cancun talks At the UN climate change conference in Copenhagen, Denmark, last December, developed nations pledged USD30 billion of fast-track funding for developing countries through 2012 and committed to jointly raise USD100 billion annually by 2020. Mr. Ban noted that the report comes three weeks before the opening of the UN Climate Change Conference in Cancun, Mexico. "This report can help governments in their discussions on climate finance, which is one of the most difficult areas in the negotiations," the Secretary-General saidy. "I hope it will help them move forward." Co-chaired by Prime Ministers Meles Zenawi of Ethiopia and Jens Stoltenberg of Norway, the 21- member Advisory Group was set up by the Secretary-General in February. "Without an agreement on finance we won't reach an agreement on climate," Mr. Stoltenberg told the press conference. Mr. Meles said further progress would depend on the political will of leaders everywhere, but particularly in developed countries. "The report can be used to create an ambitious deal or a weak and miserly deal, or it can be left to languish in the desks of government bureaucrats," he said. Sources: UN News Centre Advirory Group Report Advisory Group Related: Lack of U.S. legislation dims climate talks, train still running Experts realistic about possible outcome of Cancun conference EU to bring transparency on climate financing in Cancun UN talks: Nations closer to a set of climate decisions
Posted: 09 November 2010

See more from Renewable Energy in the United States

Expert Views    
Renewables grow fastest, could boost global economy   By Teknotietamys Oy (Techknowledge Ltd.)
Climate financing challenging, feasible   By Teknotietamys Oy (Techknowledge Ltd.)
Hot Tips    
Alternative Fuels and Fuel Economy Related Technologies   By International Trade Administration
Latest News    
Local policies drive renewables growth in Americas   By Teknotietamys Oy (Techknowledge Ltd.)
Cost and benefit of U.S. renewable portfolio standards   By Teknotietamys Oy (Techknowledge Ltd.)