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, firstname.lastname@example.org
Lucile Dufour, Réseau Action Climat France, email@example.com
Eddy Pérez, Climate Action Network Canada, firstname.lastname@example.org
The world’s poorest and most vulnerable nations–who have done the least to cause climate change–are already mobilising resources to cope with the brunt of climate-related harm. When these countries call for finance to address loss and damage, it’s just another reminder that the burden has to be shared much more fairly. It should be paid for by the historical and big polluters – both corporations and states. However, some seem to lack an understanding of what we need L&D finance for.
ECO welcomes the G7 environment ministers’ commitment to develop and communicate their long-term low-GHG emission development strategies “as soon as possible” and before 2020. The G7 should also show leadership by using good long-term planning to bid our carbon-based economies a rapid retirement. Here are six key steps they should take:
1. Take action now
Judging from conversations overheard in the corridors, developed countries may finally be getting excited about the idea of preparing a 2020 climate finance roadmap. After suggesting this for years, ECO is in an appreciative mood.
Given the mixed outcomes on finance in Paris, the unmistakable call for such a roadmap is an opportunity to get back on track.
The question now is what the roadmap should contain. Its purpose should be clear: to demonstrate how developed countries will deliver on the promise of US$100 billion a year.
To truly kickstart the transition towards 100% renewables by 2050 (at the latest), governments will need to increase global annual renewable energy investments four-fold. That means US$1.3 trillion by 2030, according to IRENA.
You might be thinking: “Whoa, that’s a lot, too much!”. But really, it’s fine — especially when the alternative is taken into account. The annual costs of climate damages and deadly air pollution from fossil fuels would amount to $4 trillion — costs that mainly would impact the poor.