Tag Archives: COP

Six climate finance themes out of Lima that will shape 2015

December 17, 2014 |

 

Government representatives from around the world met last week in Lima, Peru to negotiate global emissions reductions as part of the annual UNFCCC Conference of Parties (COP20). Once again, the need to mobilize more investment in a low-carbon, climate-resilient economy was an important point of debate.

Climate Policy Initiative’s analysis is playing a key role informing serious discussion on climate finance and finding solutions to increase the effectiveness and scale of climate finance investments. Here are the themes we saw at this COP that we feel will shape climate finance action and debate over the next year.

Entrance-to-Lima-Cop20

Entrance to Lima COP20

1. Finance is flowing but it’s not enough.

The COP20 High-Level Finance Ministerial began with a presentation of the UNFCCC’s Biennial Assessment and Overview of Climate Finance Flows 2014. This research, which draws on Climate Policy Initiative’s work to track climate finance, tracked between 340 and 650 USD billion in annual investment. As CPI has shown, this figure is far short of the need.

Global Landscape of CLimate Finance needs

Annual climate investment compared to the need

2. Governments voiced support for innovative initiatives that unlock private finance.

CPI’s analysis shows that while public finance often provides the conditions for climate investment to take place, private investors contribute the largest share of finance, year after year, in countries across the world. It also shows that public finance alone will not be enough to meet the investment need. Several government representatives spoke of the need to find innovative ways to unlock increased private investment. Representatives from Denmark, the Netherlands, the UK, and U.S. used their time on the COP plenary floor to voice support for one such initiative – The Global Innovation Lab for Climate Finance – which CPI supports as its Secretariat, advancing innovative financial instruments to drive significant additional investment in developing countries.

3. The Green Climate Fund reached more than $10 billion in commitments – good progress ahead of COP21 in Paris next year.

Following the pledges from Japan, the U.S. and UK over the last weeks, Australia, Belgium, Mexico, Peru, Colombia, Austria, Spain, Norway, and Canada helped the Green Climate Fund reach its $10bn goal at this COP with new pledges. These pledges to help developing nations deal with climate change are good news. They increase the chances for a global climate deal next year in Paris, and if spent wisely, can supplement domestic public resources where they fall short and drive billions in private investment toward low-carbon and climate-resilient growth.

4. Finance for adaptation is becoming a higher priority.

The Green Climate Fund restated its intention to use half of its finance for adaptation purposes. Germany also stepped up on adaptation, committing an additional 50 million euros to the Adaptation Fund. CPI’s work shows that while adaptation finance grew by 12% last year, it still falls short of the need.

 5. Tracking of climate finance continues to improve.

Following on recommendations from the UNFCCC’s Biennial Assessment and Overview of Climate Finance Flows 2014, many countries used their time on the COP20 plenary floor during the Finance Ministerial to talk about the need for an agreed-upon definition of climate finance and improved tracking systems. CPI’s analysis supports this need and shows that climate finance tracking can support countries’ attempts to formulate better policies.

 6. Economic growth and combating climate change can go hand in hand.

Last but not least – there was a growing sense that acting on climate can also spur economic growth at this year’s COP. Many experts have documented that climate change and the resulting extreme weather would have huge social and financial costs to the global economy. This year, the New Climate Economy report showed that measures that reduce climate risk can not only help to avoid a shrinking economy in the future, but can also help grow the economy, today.

 FelipeCalderon-speaks-about-New-Climate-Economy-from-COP20

President Felipe Calderón speaks about the New Climate Economy report from the COP20 plenary floor

Going into 2015, one big-picture lesson is clear – climate finance will continue to be an important focal point for those working to respond to climate change. CPI will continue to work to provide analysis that supports these discussions.

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Policy Watch: UN climate talks wrap up, Indonesia approves landmark forest protection deal, and Africa’s largest solar plant close to breaking ground

December 11, 2012 |

 

This week, climate policy headlines from around the world include results from the UN climate talks, Indonesia approving a conservation deal that will protect 200,000 acres of forest, and Norway contributing $180 million to help Brazil slow deforestation.

Elinor Benami, Chiara Trabacchi, and Xueying Wang contributed headlines to this edition of Policy Watch.

UN climate talks extend Kyoto Protocol, promise compensation
The summit established for the first time that rich nations should move towards compensating poor nations for losses due to climate change. Developing nations hailed it as a breakthrough, but condemned the gulf between the science of climate change and political attempts to tackle it.

The deal, agreed by nearly 200 nations, extends to 2020 the Kyoto Protocol. It is the only legally-binding plan for combating global warming. The deal covers Europe and Australia, whose share of world greenhouse gas emissions is less than 15%.

But the conference also cleared the way for the Kyoto protocol to be replaced by a new treaty binding all rich and poor nations together by 2015 to tackle climate change. The final text “encourages” rich nations to mobilize at least $10bn (£6bn) a year up to 2020, when the new global climate agreement is due to kick in. Full article.

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Keeping track of climate progress: Are countries well-placed to meet new tracking needs?

November 27, 2012 |

 

As the business school adage goes, you manage what you measure.

When it comes to progress on climate change, measurement doesn’t often capture much public attention. However, measurement and reporting play a fundamental behind-the-scenes role: They help build confidence that countries are doing what they say, and they also build capacity for countries to identify opportunities and tackle challenges domestically.

Right now, climate negotiators are gathering in Doha for the 18th Conference of the Parties (COP 18) to the United Nations Framework Convention on Climate Change (UNFCCC). While headlines around these meetings usually focus on the lack of progress in UNFCCC discussions of countries’ emissions reduction targets, the UNFCCC is making strides on other fronts. In the past three years, countries have agreed to significantly expand the amount of information they report on their greenhouse gas emissions and their climate policies and measures.

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