Finance Working Group

Many developing countries lack the resources to properly address the profound challenges of climate change. For this reason, developed countries have long promised to provide support to help developing countries limit their emissions and adapt to the impacts of climate change. Yet for the most part, the assistance that has been provided to date has been inadequate to meet the challenge. The CAN Finance Group coordinates advocacy and policy work around the need to rapidly scale up support for climate action from developed countries directly, and through new, innovative sources of finance. The group’s main focus is to ensure that sufficient support is available for developing countries to reduce their emissions as required to stay below 2 degrees/1.5 degree temperature rise, and to help countries adapt to climate effects that are already inevitable. Towards this end, the group works to strengthen financial commitments within the UNFCCC and other venues, and to ensure that the Green Climate Fund is an effective and appropriately funded vehicle for delivering climate support to developing countries.

For more information please contact:
Kashmala Kakakhel, WEDO, kashmalakakakhel@gmail.com
Lucile Dufour, Réseau Action Climat France, lucile@rac-f.org 
Eddy Pérez, Climate Reality, eperez@climatereality.ca

Building Blocks For Paris Emerge, But Ministers Miss Opportunity Take An Easier Road

Bonn - Germany, Friday June 6: Politicians at the UN climate negotiations in Bonn have today sent positive signals in relation to releasing early next year their climate action contributions towards the global agreement due to be signed in Paris in 2015. 

The US said heads of state should reaffirm at the UN Secretary General's Climate Summit in September that they "commit to submit" their contributions by March 31, 2015.

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Green Climate Fund: from “If and When” to “How Much”

The Green Climate Fund (GCF) is a cornerstone of the emerging architecture of the global climate regime. Just two weeks ago, the Board of the GCF surprised many observers when they reached agreement on the eight essential requirements for the GCF to begin to receive, manage, and disburse funds. This deprives those developed countries who bear the primary responsibility for contributing funds to the GCF, and had been holding back pending these board decisions, of an excuse to delay making substantial contributions to the fund.

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Discussion on Questions related to the Third session of the Intergovernmental Committee of Experts on Sustainable Development Financing (ICESDF), 12 March 2014

This is not an official submission, but more of discussion paper based on the questions posed to stakeholders by the committee before its third sesssion and the multistakeholder dialogue.

1. Does the effectiveness and sustainability of a sustainable development financing strategy depend on systemic reforms of the international financial architecture? If so, which reforms are needed?

Post-2020 contributions -- information needed!

ECO appreciates the efforts made by several countries in their submissions this month to address the issue of the types of information Parties should submit with their initial post-2020 nationally determined mitigation contributions.

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See you in Bonn, with your homework done!

ECO hopes that the climate gets what it needs in 2014, a year of ambition as we delivered a good draft text for Paris. After this year’s first UNFCCC meeting, it’s clear that much more effort will be needed for 2014 to be a success. Below a few things ECO hopes delegates will focus on as they return home from Bonn and prepare for the next session back here in June.

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Close the gap: shift investments

Once the negotiations move into a contact group, ECO can only hope that delegates will see finance as a central pillar of the 2015 package. Developed countries must show a record of year-by-year increases and projections of their continued increase towards 2020. Finance is instrumental to low global emissions and climate resilient development. A failure here will scupper any hopes for success in Paris.

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When will Australia increase its pre-2020 ambition?

The independent review by the Australian Government’s Climate Change Authority (CCA) is clear that Australia’s current 5% target is “woefully inadequate”. Instead the CCA has recommended that Australia’s fair share would be a target of a 19% reduction of emissions below 2000 levels. 

So Australia - what will it be? Will you stay on ‘woefully inadequate’ or listen to what your own Authority is saying and increase your ambition to at least a 19% reduction in emissions? Because, let’s face it — as the OECD country with the highest per capita emissions, your weight is pretty hefty…

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Renewable energy, let’s do better

ECO spent yesterday, excitedly, following the renewable energy (RE) workshop. There’s a lot of activity in different countries and a global recognition about RE’s current and future potential. 

Presentations from various experts made it clear that this potential is not being fully utilised though. We can double the realisation of RE globally by 2030, as pointed out by IRENA, but there is lack of will. Social gains from RE, like jobs and increased access to electricity, make the need to deploy it at scale an obvious approach. 

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The race to Lima is on

The sun is shining, the starting pistol has gone off, and the race for a draft negotiating text by Lima is on. As the Parties race towards the finish line, they’ll have to navigate the racecourse (otherwise known as the Convention) and the three key hurdles that they all face: contributions, contact groups and elements.

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