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.
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
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
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.
UN News Centre
Advirory Group Report
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