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
ECO would like to express its solidarity with the tens of millions of people around the world presently suffering from a super strong El Niño, on top of record breaking temperatures. These circumstances paint a bleak future for many, particularly the most vulnerable and marginalised peoples. Let us not forget, they are the least responsible for climate change.
May 16, Bonn, Germany - This UN climate negotiations, kicking off today in Bonn, represent the first time governments have formally met since the Paris Agreement was agreed last December, and with over 170 countries meeting in New York in April to sign the agreement political momentum on climate change continues on a high.
In Paris, 195 countries agreed to limit global temperature rise to well below 2°C, aiming for 1.5°C. Yet, current INDCs are setting us on a pathway to around 3°C. To make matters worse, the remaining carbon budget even to stay well below 2°C might be used up by the time NDCs really begin to take effect. What we want is greater ambition now.
Transparent systems for accounting and tracking climate finance flows are fundamental to the success of the Paris Agreement. ECO notes how some naughty players are including some types projects where the relevancy to climate is, at best, questionable. Some are also relying heavily on reporting non-concessional finance that adds on new debt for developing countries, making their support look bigger. This does not fit with the spirit of Articles 4.3 and 4.4 of the Agreement.
The Paris Agreement sets a clear vision for the world to keep global temperature rise to 1.5°C, through a full decarbonisation of the global economy. It also provides a framework to improve action on mitigation, adaptation and finance through regular reviews and renewed commitments – for all countries simultaneously.