Political will needed to reach ‘climate finance’ deal at COP16
A new report by the high-level Advisory Group on Climate Change Finance (AGF) has indicated that at least $100 billion (£62 billion) per year by 2020 could be raised for climate change adaptation in developing nations. The conservative analysis, commissioned by the secretary general of the UN, is expected to set the bar for negotiations at COP16 -the United Nations Conference on Climate Change- which commences later this month in Cancun, Mexico.
The AGF report outlines a clear policy framework which could be implemented to raise private and public funds to help vulnerable nations adapt to the worst effects of climate change. The advisory panel- which included Lord Nicholas Stern and Chris Huhne, the Secretary of State for Energy and Climate Change– strongly supported mechanisms such as carbon taxation, aviation and shipping taxation and fossil fuel subsidies to raise public funds.
Political will from international leaders will be crucial to secure the funding pledged under the Copenhagen Accord, by world leaders at last year’s UN climate summit. “These public funds are critical to speed up the development and implementation of new technologies, as well as for adaptation and resilience building, new energy efficient infrastructure, and for construction. It will also be used to leverage private sector finance which will contribute much of the investments needed in clean energy technologies,” said Gordon Shepherd, the leader of WWF’s Global Climate Initiative.
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