Climate finance pledges increase, much more still needed
This emerged from the Finance Minister’s Climate Summit meeting held on the fringes of the World Bank / International Monetary Fund Annual Meetings held in Lima, Peru this week.
Six years after pledging to raise $100bn per year by 2020 to fund climate action for developing countries, developed countries have struggled to indicate how they will meet their commitment. Pressure to produce a concrete plan for the $100bn has been mounting ahead of a meeting in Paris in December this year where a new global climate deal is expected to be agreed.
Commenting on the news from the Finance Minister’s Climate Summit, Samantha Smith, leader of WWF’s Global Climate and Energy Initiative, said the signal sets the “financial tone” for the discussions in Paris.
“We have some questions about the accounting behind reports of progress towards the US $100 billion per year, but we note concrete signs of progress from Lima this week: Increased pledges by developed countries and multilateral development banks,” she said.
“Given the scale of the climate challenge, however, these must be seen as the floor and not the ceiling for what is needed. We will be calling for more climate finance ambition in Paris and beyond,” she said.
Reports released days before the meetings in Lima show that developed countries and the six major emerging economies still use roughly around $200 billion per year in public money to subsidise the fossil fuel industry. “It is evident that there is room to increase finance for climate action if we simply and responsibly address the issue of fossil fuel subsidies,” she said.
- Read WWF’s blog: Climate Finance – are we on track to meet the $100bn commitment?
- OECD Report: Climate Finance in 2013-2014 and the US$100bn goal
For further information, contact:
Mandy Jean Woods firstname.lastname@example.org / @MandyJeanWoods / +27 72 393 0027
Sam Smith email@example.com / @pandaclimate / +47 450 22 149
Santiago Lorenzo firstname.lastname@example.org (Head of Green Finance for WWF)