Fixing Climate Finance
By: Jamie Peters
In the lead up to COP19 in Poland, Parties and Observers will be setting
their objectives and their game plans to strategize on what they can take
from the talks in their own best case scenarios. Fair and adequate climate
finance must be central to those plans.
The developing world, who are now being thrown into a global climate deal,
will have to not only adapt to the dire consequences of climate change but
also have increased mitigation efforts under the a 2015 treaty. To do this,
as has been made clear already in UNFCCC, they need increased climate
finance to facilitate adaptation and mitigation efforts.
The Fast Track Finance (FFS) period, to facilitate a flow of climate
finance from North to South, ended in 2012. The next agreement on finance
focuses on $100bn each year by 2020 through the Green Climate Fund. That
leaves a huge gap where finance is needed more than ever. The developed
world cannot hide behind this agreement to further delay their promises of
climate finance.
This is why there are calls to make COP19 a ‘finance COP’. Increased
engagement from finance decision makers and finance Ministers looks likely
but it is not clear if this will translate into the needed pledges.
On top of climate finance being pledged there must also be a close eye kept
on the form of the money. If the climate finance is simply moved from other
aid budgets then this is unacceptable and the same goes for the use of
loans as part of any pledges. Finance must be new, additional from other
aid and adequate in order for it to make the difference that it needs to.
Significant finance from public sources is the key to fair funding for the
developing world to combat climate change.
their objectives and their game plans to strategize on what they can take
from the talks in their own best case scenarios. Fair and adequate climate
finance must be central to those plans.
The developing world, who are now being thrown into a global climate deal,
will have to not only adapt to the dire consequences of climate change but
also have increased mitigation efforts under the a 2015 treaty. To do this,
as has been made clear already in UNFCCC, they need increased climate
finance to facilitate adaptation and mitigation efforts.
The Fast Track Finance (FFS) period, to facilitate a flow of climate
finance from North to South, ended in 2012. The next agreement on finance
focuses on $100bn each year by 2020 through the Green Climate Fund. That
leaves a huge gap where finance is needed more than ever. The developed
world cannot hide behind this agreement to further delay their promises of
climate finance.
This is why there are calls to make COP19 a ‘finance COP’. Increased
engagement from finance decision makers and finance Ministers looks likely
but it is not clear if this will translate into the needed pledges.
On top of climate finance being pledged there must also be a close eye kept
on the form of the money. If the climate finance is simply moved from other
aid budgets then this is unacceptable and the same goes for the use of
loans as part of any pledges. Finance must be new, additional from other
aid and adequate in order for it to make the difference that it needs to.
Significant finance from public sources is the key to fair funding for the
developing world to combat climate change.
Coalition (UKYCC)
Focal Point to the UNFCCC Secretariat
YOUNGOs | Youth Constituency at the United Nations Framework
Convention on Climate Change | www.youthclimate.org
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