Latest update November 26th, 2024 1:00 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

UN Panel finds US$100B climate change funding achievable

Nov 06, 2010 News

but funds will only flow from agreement in Cancun

A high level analysis of climate finance submitted to the United Nations yesterday has demonstrated the feasibility of putting up by 2020 US$100 billion a year in public funding to fight climate change.
According to WWF, this conservative analysis by the special High-level Advisory Group on Climate Change Finance (AGF) sets the stage for a finance agreement to come out of the UN climate summit starting late this month in Cancun, Mexico.
The AGF was set up by United Nations Secretary-General Ban Ki-moon in February, Co-chaired by Prime Minister Stoltenberg from Norway, and Prime Minister Zenawi from Ethiopia, to explore innovative financing sources and mobilize the financing promised for climate change during the United Nations Climate Change Conference in Copenhagen last December.
President Bharrat Jagdeo sits on the High-level Advisory Group.
“The Secretary General’s high level group has come up with the financial mechanisms, now we look to Governments to come up with the political mechanisms to get the finance actually flowing,” said Gordon Shepherd, leader of WWF’s Global Climate Initiative Financing.
The funding, agreed to in principle under the Copenhagen Accord from the last UN climate summit, is needed to support action in developing countries to halt the destruction of tropical forests, speed the transition away from high-emission models of development, and to help vulnerable countries adapt to climate change impacts.
“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 Shepherd.
“Our experience is that public investment and initiatives play key roles in mobilising and directing private investment.”
The AGF report gives strong support for financing from carbon pricing mechanisms, with one of the most promising sectors being international aviation and maritime transport, whose emissions are as yet unregulated.
“We expect decisive action in Cancun to put this finance source on a fast track to implementation,” said Shepherd.
Other promising sources were downplayed because of opposition from some individual group members, with the chief casualty being the financial transaction tax (FTT).
Although the assumptions used by the AGF to assess the scale of potential financing generated are extremely conservative, and some members placed undue emphasis on private sector investments in meeting the $100 billion per year financing milestone, the report provides a useful starting point for moving forward.
Parties in Cancun can build upon the AGF recommendation on the way to establishing a much needed new UN Climate Fund and could contribute to host country Mexico’s wish for progress on all elements of a “balanced” Cancun package.
Responding to the publication of the report, Steve Herz of Greenpeace International said: “Developed countries now have no excuse to delay meeting their promise to raise $100bn a year by 2020 to support climate action in the developing world.
“It is now clear that it is both technically feasible and politically possible for governments to raise substantial amounts of public money for climate action from new mechanisms, such as pricing emissions from international air travel and shipping.”
“In fact, developed countries can meet their Copenhagen commitments without raiding existing aid programs, and without counting the face value of loans or private sector investments, rather than their grant component.”
Greenpeace is calling on Governments gathering at the upcoming climate talks in Cancun, Mexico, to make clear progress on outlining how decisions on innovative sources of funding will be taken and to build upon their Copenhagen commitments by agreeing that they will provide at least US$100 billion in public finance that is new and additional to existing aid targets, as a significant milestone towards achieving the public funding that is actually needed.

Similar Articles

The Glenn Lall Show | November, 20th, 2024

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Rutherford gets big payday from Gujarat Titans at IPL 2025 Mega Auction; Shepherd, Powell snapped up by RCB and KKR, respectively

Rutherford gets big payday from Gujarat Titans at IPL 2025 Mega...

Nov 26, 2024

  SportsMax – Guyanese hard-hitting left hander Sherfane Rutherford will get the opportunity to shine on T20 franchise cricket’s biggest stage once again after being picked up by the...
Read More
Roach and Seales star as West Indies close in on Antigua Test victory

Roach and Seales star as West Indies close in on...

Nov 26, 2024

Delroy Tyrrell continues to excel at Oneonta State University

Delroy Tyrrell continues to excel at Oneonta...

Nov 26, 2024

Ramdass Royals Crowned Champions of the Inaugural Windies Masters Cricket Extravaganza

Ramdass Royals Crowned Champions of the Inaugural...

Nov 26, 2024

KFC Guyana distance self from delayed payment of GFF Elite League prizes

KFC Guyana distance self from delayed payment of...

Nov 26, 2024

Ravens and Royals ready for epic Elite 16 final showdown

Ravens and Royals ready for epic Elite 16 final...

Nov 26, 2024

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]