About 50% of estimated climate finance needs would need to be provided from the private sector. At the same time as the world is struggling to come to grips with how to meet the funding needs, the global carbon markets are crashing with rock-bottom prices for carbon credits, reflecting a too low mitigation ambition to drive carbon markets.
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The only “secure” line of finance into the UNFCCC adaptation fund is a 2% share of proceeds of carbon credits generated by the CDM. At COP 18 in Doha, this was extended to also include transfer of credits from Joint Implementation and under International Emission Trading. The problem is that the price of these credits is now so low now that they hardly attracts any investment in mitigation, which directly translates to very low levels of funding for the adaptation fund from these sources.
Hi everyone, I'm Daisy Streatfeild and I'm a senior advisor on international climate finance for the UK government. Looking forward to the discussion and responding to your questions #climatefinance
Welcome, everyone, to our live online debate: All that Glitters - What's next for Climate Finance? Our experts are now ready to take your questions, so let's get the conversation going! Feel free to address your question to a particular expert if you'd like. You can also send in questions via Twitter hashtag #climatefinance
@MizanRKhan: Please feel free to post a question
Hi there, I'm Smita Nakhooda, and work on international climate finance at ODI. I look forward to the debate.
Niclas, what do you think should be done about this low level of CDM money now going to the Adaptation Fund? The fund is looking at other ways of raising money, I know, but not much progress so far...
Smita and Daisy, how about this issue of how much of the money should come from public versus private finance? Is there a way to get private money interested in adaptation?