Financing global climate solutions

Avoiding a climate catastrophe will require the mobilization of financial resources on an unprecedented scale. Money is needed to support developing countries in shifting to low-carbon development pathways and adapting to the impacts of climate change.
Adequate financing for the incremental costs of mitigation and adaption actions in developing countries is a commitment in the UNFCCC - United Nations Framework Convention on Climate Change.

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.
 / ©:  © WWF-Canon / Richard Stonehouse
WWF Climate rescue team come to the aid of an ill planet Earth. The doctors arrive to examine the ill, deflated planet and prescribe injections of, 'Ambition', 'Finance', and 'Political Will' with an added transfusion of 'Technology' ..but it isn't enough.The planet has to then be shocked back into recovery and wrapped in legally binding deals to help it recover.
© © WWF-Canon / Richard Stonehouse

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