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.dufour@reseauactionclimat.org
Eddy Pérez, Climate Action Network Canada, eddy@climateactionnetwork.ca

‘Round Midnight

As ECO went to press, the Committée de Paris had just resumed its work again. The outcome of the final round of negotiations is still uncertain. That need not stand in the way of a hard-nosed analysis of the new text, though, with the really big issues still left to be decided. Overall, ambiguity is the mot de vogue with several decisions still bracketed yesterday now ‘simply’ postponed. ECO makes a final plea to ministers and their heads of state, who will be asked to weigh in at the last minute:

Ambition

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Carbon Markets: All Cards on the Table

The new draft text still features brackets around the sustainable development mechanism provision. Decisions to be made in the next 24 hours include whether offsetting will be allowed (please, NO!), whether developed countries will be able to play the offset generation game, accounting rules, guiding principles and a share of proceeds for climate finance purposes.

ECO suggests:

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A Fashionable Trend

ECO noticed that a small but potentially mighty paragraph that would scale back international public financial support for high-carbon fossil fuels has taken a beating.

Prior to being discussed behind closed doors yesterday, Article 6, paragraph 7 aimed to ensure international public finance was not used to fuel (pun intended) the very problem this entire agreement is trying to solve: the climate crisis. In the new text just released, it is clear that what is now Article 6, paragraph 4, option 3, fell victim to Parties pandering to the interests of big oil, coal and gas.

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Show Love for the Adaptation Fund!

The Adaptation Fund (AF) is a UNFCCC success story: more than 50 adaptation projects are currently underway in Latin America, Africa and Asia, providing support to vulnerable people.

However, the AF operates under a high level of uncertainty. While more and more countries put forward project ideas—the last board meeting has seen an unprecedented amount of proposals—the AF will run out of money as early as 2016 with the resources available today.

Countries need to follow Sweden’s pledge of US$17.5 million and help the AF to meet its fundraising target of $100 million in 2015.

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Crystal Ball of Climate Finance

Running from one meeting room to the next and eating many a crêpe must be tiresome for ministers. But fear not, ECO is here to summarise the crucial things on climate finance for our new arrivals.

If ECO had a crystal ball for climate finance in future years, this is what it would show:

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The Gap In the Text

ECO is disappointed that Parties seem to have all agreed on the ‘no text’ options for the following numbers:
The emissions gap: [The emissions gap in 2020 is estimated to be 8-12 Gigatonnes] [The emissions gap in 2030 based on the current INDCs is estimated to be 12-18 Gigatonnes]
The adaptation gap: [The Adaptation finance needs alone will be USD 150 billion per annum by 2025 (even if we were on track for 2°C) yet the starting point for climate finance in 2020 is only USD 100 billion per annum]
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Lame Danes Win Fossil for Undermining Ambition

Oh, Denmark! In a not too distant past, Denmark was an inspiration to many–setting ambitious targets and rolling out renewables such as wind energy. But today we are not talking about great Danes, we are talking about lame Danes. That’s because today the Danish government is aiming to cut climate targets and shrink climate finance contributions.
The new minority Liberal government of Denmark came into power in July and clearly thought there was too much climate leadership going on. So they decided to dial it down—waaaaaay down.
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Phasing Out Ambition?

Whispers echo around Le Bourget about a group of countries trying to phase out ambition in the finance text. Yes, you read it here first. As ECO was beginning to believe countries had finally caught on to the importance of phasing out financial support for dirty fossil fuels, we’re hit with an unpleasant surprise.
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