To Simon Maxwell: The average estimate is that at least half of the US$ 100 billion will have to come from the private sector. So less than half from public sources. BUT the public can/should still enable the private sector to direct investments in to CC
Hi @Maridupar, donors will report on their final Fast Start figures in May so we should know what the final Fast Start total is then, but it’s encouraging that reports at Doha indicate that donors have delivered $33bn – exceeding the Fast Start goal which demonstrates donors commitment to provide climate finance #climatefinance
Seems to me that rising losses from extreme weather - particularly floods, like those that hit Thai factories not so long ago - would be a pretty good argument for the private sector investing in adaptation (or at least flood walls, etc.) out of self interest
To Megan Rowlings question: The low income from CDM to the adaptation fund is a result of low offset prices. That can best be fixed by parties increasing mitigation ambition’, creating more demand for offsets, and make more use of CDM as a finance instrument to support mitigation in developing countries.
Hi Qamrul, the UK will continue to provide scaled up climate finance after Fast Start. Our £2.9bn International Climate Fund is a four year budget April 2011-March 2015. This means around £1.8bn for the 2013-2015 period. We're aiming for 50% of this to be for adaptation, focused on the poorest and most vulnerable countries. #climatefinance
To Robertmwaren’s question about, how to draw the line between what counts as adaptation vs mitigation (Is this a line worth drawing at all? #climatefinance).
Good question!! In some cases the on-the-ground action will contribute to both mitigation and adaptation. One possible model is to NOT make that distinction but ask the end users of finance decide their priorities themselves, but it is equally plausible that donors will put requirements on how to use the funding. I think this is the norm today.
@Maridupar The difficulty with counting the FSF funds is that, by Oxfam's analysis, only about 1/3 of the $30+ billion globally was 'new' funds beyond already committed ODA or climate funds. Part of the issue is that in many cases existing ODA streams were used as climate finance. We're all for integrating climate into other development areas (e.g. food, water, etc.), but how to count it is still a real issue.
David Waskow at Oxfam.
Was just hearing at Chatham House yesterday how a financial transactions tax could be a great source of money - and help curb speculative investing in favor of investing in longer-term projects
Hi Laurie, both public and private finance are important and we should work to ensure that the private sector is playing its part in mitigation as well as adaptation. We are not going to deliver the action needed to address climate change if we don't shift private investment towards low carbon climate resilient options #climatefinance
How did this finance gap between 2010-2012 and 2020 come to be in the first place? Seems a fairly huge and evident hole, right?
@ Alister - one of the lessons of Copenhagen was that leaving everything to the last minute (nothing is agreed until everything is agreed) is a bad idea... so if developed countries are serious about the 2015 deal, they should be very careful about leaving their finance offers until then... progress on finance needed at each COP through to 2015 to lay the foundation for success
@ Laurie , developing counties have pointed to this gap since 2009, the african group proposals the draft ones were constantly trying to fix it through building on fast start reaching to the 100 billion, but unfortunatly this didnt pass
@ tim totally agree , but unfortunate it seems it is the case
On the gap in climate finance: briding this gap was certainly a focus of much of the negotiation on finance at Doha. If there is going to be a different outcome at Warsaw, there will need to be a political process that gets underway within developed countries to mobilise new finance, including in the context of acting to realise new sources of finance.
Somebody suggested in Doha that negotiators should not be allowed to know for what country they negotiate. In that way they would only negotiate for the common good, rather than self-interest of their own country. One have to love that kind of thinking!
@ climatecfo, @ Neila, i think the AF presents a very good basis to build on not to replicate but to learn from, not only on projects and direct access but also on predictability of funding and depending on market mechanisms
@TimmonsRoberts: Thanks! Useful to think that we need to be up $11 billion a year - shows the gap!
@ Simon - we certainly pushed for something like that in Doha (and indeed each year since Copenhagen!) As Smita says, if we're to get different outcomes we need political decisions on new sources of public finance
