Share

CLIMATE ACTION PROGRAMME


23 July 2012

Billions needed for climate change finance could be found at Doha negotiations

Doha corniche

By 2020 there should be $100bn of climate finance flowing into projects to slash emissions in developing countries and to protect the most vulnerable nations from the effects of climate change.

 

That means renewable power projects on land and sea, mega-city scale energy efficiency roll-outs, flood prevention systems, intelligent agriculture, solar powered desalination, restoring degraded lands and protecting biodiversity; our natural toolkit.

The next tangible progress in policy and legislation will come at the next round of the UN climate change negotiations in Doha in November. The Bonn workshop provided some groundwork and some pointers as to what  might be achieved in Doha, an example being that no single source of finance, public or private, can deliver the speed and scale of change required to restrict warming to 2°C and stop climate impacts taking the wind out the sails of development in the world’s poorest nations.

A less obvious point is that the delicate process of agreeing cuts to greenhouse gas emissions (GHGs) for all nations (the Durban Platform), hinges on developing nations having the confidence that sufficient support for their efforts in this regard will be in place. Without it they simply won’t sign any legally binding agreement to cut emissions.

All eyes are now turned to Doha where more work will be done to kick-start the Green Climate Fund (GCF), the mechanism that, once finished, will process the billions of dollars needed.

Doha

Steve Herz, senior attorney with the Sierra Club and a co-chair of the Climate Action Network’s (CAN) finance group suggests a 50:50 split between money allocated for mitigating and adapting to climate change. This might not be so straightforward.

Increasing the proportion of private sector money could have a direct effect on the mitigation/adaptation split as private sector could be more receptive to investing in emerging markets and middle income countries than in the least developed countries. Getting the private sector involved at a larger scale is a challenge in itself however.

Erik Jan Stork, Senior Sustainability Specialist at APG Asset Management who is also on the steering committee of the Institutional Investors Group on Climate Change (IIGCC) says things are improving in the renewable energy sector but plenty of work remains. Technology risk is improving significantly but  policy risk to investing in renewable energy projects remains, therefore investors require guarantee mechanisms to reach the levels of private investment required.

APG looks after more than $300bn of assets and is already making serious sustainable investments.

At the workshop Stork reiterated the importance of a strong and sustained price on carbon in order for finance to flow to the Clean Development Mechanism (CDM), the system for industrialised countries to establish projects overseas to offset emissions at home. A low carbon price means lower returns and less incentive for businesses to take part.

New sources of investment at Doha

 

The campaign to end fossil fuel subsidies has near unanimous support from civil society but turning these subsidies off like a tap could have negative consequences for some, as was pointed out in Bonn.

However, Herz points out that when they were first discussed by the G20 in Pittsburgh in 2009, this was well understood and targeting the rich was part of the theory,. He suggested that ending subsidies on Kerosene, which millions of people still rely on for lighting and cooking, would be unwise.

The financial transaction tax (FTT) or the Robin Hood tax as it commonly referred to, would see a small percentage tax placed on financial trades. Nine of the EU’s 27 members have agreed to apply one. Getting 195 parties to sign-up to one is “impossible” as one delegate said during the work shop.

The added benefit of fossil fuel subsidies and charging a levy on emissions from shipping and aviation however, is that both of these would also ultimately lead to cuts in emissions. A FTT cannot claim to do the same.

Home sweet home

 

One issue surrounding the GCF that is almost certain to be decided in Doha, is the location of the headquarters for the new organisation. Six countries including South Korea, Germany and Poland are in the running.

Wherever the fund ends up, there are more complicated, and more pressing, issues to be addressed in Doha. With the fund’s overarching structure largely settled, there will be time later for the flesh to be added to the bones.

 

 

 

 

Image 01 - Doha corniche. RajeshUnuppally.

Image 02 - Doha aerial photograph. wikipedia:en.

Image 03 - Aspire Park, Doha. Harri J.

Related Articles

blog comments powered by Disqus

ADVERTISE IN THE CLIMATE ACTION UNEP 10th ANNIVERSARY EDITION

Climate Action & UNEP are now working towards the 10th anniversary edition of the official Climate Action official report for COP22 – Get involved and align your brand with our world-class thought-leadership

Find Out More View 2015's Issue Here

NEWSLETTER

TWITTER

CLIMATE NEWS
  • From chemical pollution to submerged explosives - major threats to European whales and dolphins...

    [No supplied article summary]

    UN Environment Head Visits Ethiopia...

    [No supplied article summary]

    Incoming President of UN General Assembly puts financing for sustainable development center stage...

    - US$5-7 trillion a year needed to implement the Sustainable Development Goals...

    Remarks by Ibrahim Thiaw, UNEP Deputy Executive Director at Luc Hoffman's Memorial...

    [No supplied article summary]

    Clean air takes centre stage at Sarajevo Film Festival...

    - Festival's Enviro Day to showcase UN Environment initiatives boosting air quality and protecting human health
    - 44,000 years of life, one-fifth of GDP are lost in Bosnia and Herzegovina annually...

  • No peace without freedom from want

    Food security and agriculture have an essential role to play in preventing conflicts and crises on the African continent, blunting their impacts and acting as engines for post-crisis recovery.

    Once upon a time in the future of food and agriculture

    The World Food Day poster and video contest aims to give children an opportunity to explore this theme and express their ideas about the relationship between climate change, the food we eat, and the causes of hunger - and share them with others.

    Sizing up livestock farming’s carbon footprint

    A new and interactive tool released by FAO allows farmers, policy makers and scientists to calculate meat, milk and eggs production as well as greenhouse-gas emissions from livestock to make the sector more productive and more climate-friendly.

    When it comes to its humanitarian work, FAO is in it for the long haul

    On World Humanitarian Day 2016, we reflect on FAO's activities in humanitarian situations and profile some of our team who are working in the field to build a world free from hunger.

    A floating threat: sea containers spread pests and diseases

    Globally, around 527 million sea container trips are made each year - China alone deals with over 133 million sea containers annually. It is not only their cargo, but the steel contraptions themselves, that can serve as vectors for the spread of exotic species capable of wreaking ecological and agricultural havoc.

  • Lima Call for Climate Action Puts World on Track to Paris 2015

    A new 2015 agreement on climate change, that will harness action by all nations, took a further important step forward in Lima following two weeks of negotiations by over 190 countries.

    New Portal Highlights City and Private Sector Climate Action

    A way to increase the visibility of the wealth of climate action by cities, regions, companies and investors was launched today by the government of Peru.

    New Documentary Raises Awareness for Adaptation Needs

    A new documentary released on 11 December 2014 highlights the growing recognition of the need for adaptation to climate change around the world, as recognized by governments at this week’s UN Climate Change Conference in Lima.

    Winners of United Nations Climate Change Awards Honoured in Lima

    Delegates at the United Nations Climate Change Conference in Lima, Peru, were treated to an evening of hope and optimism as the winners of the 2014 Momentum for Change Awards were feted tonight at a gala event.

    Forest Announcements Pave Way for Climate Action

    At the UN Climate Change Conference in Lima, a group of five countries has taken steps towards improved national and global forest action.

  • TICAD side event stresses integration

    Nairobi, 27 August 2016—A side event at the ongoing TICAD VI meeting saw the importance of integration getting top priority. Officials from Japan’s Ministry of Infrastructure, Lands and Tourism- the organizers of the side event said the integration of land planning and infrastructure especially with transport system, was the way to go if optimum results […]

    TICAD VI opens in Nairobi with heightened optimism for African continent

    Nairobi 27 August 2016 —The 6th Tokyo International Conference on African Development (TICAD VI) opened in Nairobi on Saturday with heightened optimism that it will help unlock Africa’s full development potential. This optimism was not misplaced considering that the government of Japan pledged to give some USD 10 billion towards infrastructure development in the African […]

    UN-Habitat and partners in urban regeneration in Mexico City

    Mexico City, 25 August 2016—Studies have showed that complex urban dynamics that respond to high land prices and lack of affordable housing in the center of the cities are forcing residents of large metropolis to relocate sometimes even 2 hours away from their jobs. According to the same studies, this state of affairs is having […]

    Call for expression of interest to host the UN-Habitat Urban Center of Excellence

    The United Nations Human Settlements Programme (UN-Habitat), is seeking development partners and a host city to become the home of UN-Habitat Urban Center of Excellence and be the seat of an international knowledge, practice and innovation center with the mission to enhance global capacity to design, plan and manage sustainable cities, promote urban prosperity and […]

    Land Management and Informal Settlement Regularisation

    UN-Habitat collaborates with the Institute for Housing and Urban Development Studies-IHS and the Lincoln Institute of Land Policy in the international training program focusing on slums, informal settlements and policies and approaches to upgrade existing settlements and prevent informal urbanization in cities in the Developing World. The course takes place from 10 to 28 July […]

  • Helping farmers reach Zero Hunger in Sierra Leone

    Usman Kanu is a rice farmer from the Masimera chiefdom in Sierra Leone. Thanks to his participation in WFP's rice farming project he has doubled his yields in the last two harvests and has been able to build himself a house from the profits. The project – funded by the Government of Japan – provides rural families with the tools and techniques to better cultivate the land around their villages. Rice production in the whole area has shot up by 186 percent, making Usman's experience just one of many success stories. As harvest season approaches this year, farmers are hoping for even better results. 

    Sharing Humanity: Abeer’s Story

    As a programme associate  in Yemen for the World Food Programme, Abeer Noman has survived airstrikes, evacuated staff and made sure her own family is safe. In the lead up to this year’s World Humanitarian Day, we’re sharing stories that celebrate the spirit of humanitarianism. This is Abeer’s story.

    10 Facts About Food and Nutrition in Brazil

    Over the past decades, Brazil has made sustained efforts to reduce malnutrition, and its commitment has paid off. While all eyes are on the country for the Rio 2016 Summer Games, we look at ten things to know about food and nutrition. 

    Sharing Humanity: Besher’s Story

    Besher, a driver for the World Food Programme in Syria, shares his story of working behind the wheel. It’s part of a series of local staff stories to mark World Humanitarian Day 2016.

    Sharing Humanity: Hafiza’s Story

    Hafiza Khan knows first-hand what it’s like to experience the aftermath of a super cyclone. To mark World Humanitarian Day on 19 August, Hafiza and other World Food Programme team members are sharing their stories about working in their own countries to help end hunger.