Financing global climate solutions
Fulfillment of these commitments is key to progress towards an ambitious global deal and to action on the ground in various countries. In Copenhagen, and reaffirmed last year , developed countries committed to delivering $30 billion in fast-start funding by 2012 and $100 billion per year from a variety of sources by 2020.
In order to achieve this breakthrough, countries must agree on how to generate and channel finance at this scale. A report by the High Level Advisory Group on Climate Finance (AGF) last year provides some analysis of promising sources of public finance. CoP 16 in Cancun reached agreement on a process for establishing a new Green Climate Fund under the UNFCCC, but said nothing about were financing for the fund would come from.
At CoP 17 in Durban at the end of this year, the UNFCCC must finalize arrangements for the Fund, and agree on a pathway to operationalizing sources to ensure scaled-up climate finance at the level needed to support the much needed mitigation and adaptation actions in developing countries, and help them make the transition to low carbon and climate resilient development pathways.