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Transcript of International Climate Finance; Addressing needs, meeting targets - Gemma O'Reilly EPA - EPA June...
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International Climate Finance;Addressing needs, meeting targets
Gemma O’ReillyClimate Change Research Unit
June 30th, 2010
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Outline:
Addressing Needs Estimates of need Copenhagen Accord targets Challenges Instruments and mechanisms Opportunities
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Climate Finance is about Addressing Needs
Ultimate goal is to avoid dangerous human induced climate change. The Copenhagen Accord interprets this as the 2 degree upper limit
Developing Country Adaptation
Developing Country Mitigation
Developed Country Mitigation
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People already on the brink of survival can ill afford the additional threat from climate change
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We all have common but differentiated responsibility for mitigation…
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Estimates of Needs Vary
UNFCCC Mitigation: $200-210bn in 2030 to reduce ems by 25% on 2000
levels. Mitigation (0.3-0.5%) of global GDP while global investment is
(1.1 - 1.7%) nAI: 46% or $92 – 97bn achieving 68% of the global mitigation. Adaptation: 10s -100s of billions. non-Annex I parties $28-67bn
by 2030. But UNDP estimated $86bn by 2015.
European Commission €100bn annually by 2020 required for CC action in developing
countries Includes DCs public spending, private finance and public
finance from developed countries
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The Copenhagen Accord
Scaled up, new and additional, predictable and adequate funding as well as improved access
Developed countries: $30bn new and additional over 2010-2012 balanced between mitigation and adaptation
$100bn a year by 2020 goal, jointly mobilised, including public, private, bilateral and multilateral
A Copenhagen Green Climate Fund
A High Level Panel on sources of finance
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Mobilising Finance Presents Challenges..
Irish GDP fell 7.1% from 2008 to 2009*
Unemployment May 2008, 5.5% : May 2010, 13.7%
Government budget deficits and high debt levels
International Banking crisis etc.
AND... Difficulties in delivering money effectively to developing
countries Issues over control of money; Who decides what climate
finance should be spent on? Who monitors results?*Based on quarterly figures, CSO (2010)
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Different types of financial instruments will be required
UN Secretary General Advisory Group on Finance “private sector investments .. constitute the largest share of
investments and financial flows (86%) Official Development Assistance (ODA) funds are currently
less than 1% of investment globally, but a larger share...in LDCs (6%)
Price on Capacity??
? Finance
Price on impacts??
? Finance
Price on Carbon √
Private Finance
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Opportunities exist in this transformation…
New substantial markets for Climate solutions!
New technologies needed at home and abroad
New management and communication solutions
New education requirements
Other benefits to be achieved..
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Technology Leap-frog!
+ Economic stimulus of new investment
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Other benefits…?