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, email@example.com
Lucile Dufour, Réseau Action Climat France, firstname.lastname@example.org
Eddy Pérez, Climate Action Network Canada, email@example.com
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.
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.
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: