FINANCING REAL CLIMATE ACTIONS

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The SMART money 4 Climate ACTION is a brief review of news from the 2015 Climate Summit in Paris, France.

The SMART Money 4 Climate ACTION was created under the supervision of Hugo Hernandez Gusther and colaborators.

Speech: Climate Finance and the Private Sector In a speech on Climate Finance and the Private Sector in Songdo, UNFCCC Executive Secretary Christiana Figueres spoke to attendees on the necessity of private sector action and the role of green government investment. From the speech: As more businesses act to manage climate risk and capture low­carbonrewards, the world as a whole moves closer to sustainable growth and zero­net emissions by the second half of the century.

Some say the challenge of transforming our economic model – decoupling emissions from development – cannot achieve growth. But history shows that transformative challenges precede strong, rapid economic growth because of massive mobilization of human innovation and financial capital.

Start­up Finance for CDM Projects:

Clean energy projects in developing countries that are in need of funding amidst the current downturn in the carbon market can seize a new opportunity being offered under a start­up finance scheme. 30 August is the deadline for submitting a proposal to the Foundation “Future of the Carbon Market,” which provides start­up finance for emission reduction projects under the Kyoto Protocol’s ​ Clean Development Mechanism​ (CDM).

The CDM allows emission reduction projects in developing countries to earn certified emission reduction credits (CERs), each equivalent to one tonne of CO2, which can be traded and sold. This is the third request for proposals under the CDM made by the Foundation, a joint initiative of the German Ministry of Environment and the German development bank KfW. Funding is provided for two to three CDM projects annually, with the aim of encouraging private investment in renewable energy projects in developing countries. Speaking about the latest call for proposals, KfW’s Nils Medenbach said: “Carbon Markets have the potential to bring major investments into the world’s poorest and most vulnerable countries where they are needed most, yet the uncertain market outlook discourages investors,” “By providing kick­off finance against CER revenues, the Foundation aims to demonstrate that market­based solutions are a viable option, and thereby attract investors.”

Reducing emissions and improving lives Any proposal submitted for funding under the Foundation has to show a high potential to generate long­term sustainable emission reductions, while contributing to sustainable development. Criteria for the selection of project proposals are specified in the Foundation’s ​ Funding Guidelines​ . Further criteria which are specific to the 3rd Request for Proposals can be found ​ here​ .

The first call for proposals resulted in start­up funding for two projects in Africa ­ sustainable biomass in Senegal and efficient cookstoves in Zambia ­ both of which reduce greenhouse gas emissions as well as deforestation. The expected annual amount of CO2 saved by the Senegal and Zambian projects is 138,559

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tonnes and 41,046 tonnes respectively. The additional benefits to local people include reduced exposure to health hazards caused by indoor smoke pollution.

The second call for proposals in 2014 resulted in two projects being chosen, one that will provide safe drinking water to schools in Uganda and Rwanda, and one that will produce biogas in countries in East Africa. Start­up financing for both projects will be released soon.

The Foundation provides funding in the early implementation phase, when the project implementer faces high investment costs, for example in setting up distribution networks. Since substantial proceeds from emission reduction certificates can only be expected after a few years, the Foundation helps bridge the funding gap by providing up­front payment for future emission certificates.

Photo by Nic Bothma CDM ROJECT: 0079: Kuyasa low­cost urban housing energy upgrade project, Khayelitsha (Cape Town; South Africa).

'We can be the first generation that ends poverty' An African proverb teaches that “fine words do not produce food”. That wise counsel is foremost in my mind as leaders gather in Addis Ababa, Ethiopia, for a ​ pivotal global financing conference to put the world on course to end poverty and protect the planet.

This must be a year for global action. In September, the international community will adopt a new set of ​ sustainable development goals​ for the next 15 years. In December, governments have committed to reach a first­of­its­kind universal and meaningful c ​limate change agreement in Paris.​

But without resources, commitments will amount to little more than promises on paper.

Building a sustainable world requires more than fine words, it needs finance.

That is why it is encouraging that this year of action begins with the third international conference on financing for development in Addis Ababa. In a world in which both the global population and resource constraints are growing, development finance needs a reboot. The Addis Ababa conference can be the starting point for a new era of cooperation and global partnership.

Make poverty history? A decade on from Gleneagles, it is a genuine possibility

By Adrian Lovett

Many obstacles stand in the way of a better life for people and the planet – but even in trying economic times, a lack of resources need not be one of them. The knowledge, technology and money exist. Billions of dollars are exchanged through trade and financial markets every day. Globally, public and private savings stand at around $22tn a year. The stock of global financial assets is estimated to be ​ about $218tn​ . Just a small portion invested towards sustainable development would make a big difference. Everyone must play a part.

Of course, the most important source of funding for development starts with a country itself – and this is true even for the poorest country. Those resources could come from increased government revenues in the form of more effective taxation and additional investment by responsible business.

At the same time, illicit financial flows rob developing countries of enormous sums of money – ​ an estimated $50bn a year in Africa alone​ . Ills such as corruption, smuggling, and inadequate management of valuable natural resources deprive countries of much needed legitimate revenues. Stronger and more inclusive

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international tax cooperation is fundamental to combat tax avoidance, ​ tax havens ​ and enhance a country’s ability to manage its own economy.

For least developed countries and small island developing states, foreign aid and climate finance represent an indispensable resource. Yet only ​ a handful of donor countries​ have met their longstanding promise to invest ​ 0.7% of gross national income​ in international aid. Donors must do more to meet their financial commitments in a timely fashion.

It is also essential for the world to get on the pathway to securing $100bn a year by 2020 for climate finance.

As the engine for decent jobs and income, ​ the private sector​ is the driving force of the global economy.

Responsible private investment is central to the financial equation. The voices of people and communities are essential to these partnerships that ensure inclusive ownership for lasting results.

I often hear people say that business and sustainable development are not compatible. The facts prove otherwise. At the ​ climate summit in New York last September​ , hundreds of business leaders committed nearly $200bn in sustainable development investments. Around the world, companies that are building sustainability­centred business models are reaping rewards in better performance and higher profit.

Why developing countries need to toughen up on taxes

By Lilianne Ploumen

It is time to ensure the right incentives and mutual accountability to unlock greater progress towards sustainable development. Innovation and the transfer of appropriate technologies are also essential.

With the right investments and policies, we can be the first generation that ends poverty and the last that avoids the worst effects of climate change.

The Addis Ababa conference on financing for development can mobilise the means for funding what people want most – better health, quality education, decent jobs, good roads and a cleaner, greener world. It can secure concrete commitments on issues such as finance, trade, debt, technology and innovation for the next generation.

Global leaders must now back up fine words with food – and set the table for sustainable development and a life of dignity for all.

ADDIS: new UN­backed report details ways to boost finance for sustainable energy

A new United Nations­backed report launched today at a conference in Addis Ababa details concrete ways to boost crucial investment in sustainable energy by some $120 billion a year.

'Scaling Up Finance for Sustainable Energy Investments,' launched at the ​ Third International Conference on Financing for Development​ that opened today in the Ethiopian capital, was produced by the Sustainable Energy for All (SE4All) initiative.

According to the latest estimates, investment from both the public and private sectors will need to triple to more than $1 trillion per year to meet SE4All's ambitious goal of sustainable energy for all by 2030.

“A trillion­dollar investment need is also a trillion­dollar investment opportunity,” said Kandeh Yumkella, the Secretary General's Special Representative for Sustainable Energy for All and CEO of the SE4All initiative.

“This report shows in detail how we can start driving that investment in really practical ways, by mobilising new sources of finance and encouraging investors by helping them to manage their risks.”

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The ​ report​ identifies four broad 'investment themes' where action could help drive increased investment: developing the Green Bond market; using the de­risking instruments of the development finance institutions to mobilize private capital; exploring insurance products that focus on removing specific risks; and developing aggregation structures that focus on bundling and pooling approaches for small­scale projects.

Speaking at the high­level event at which the report was launched, ​ Secretary­General​ Ban Ki­moon called​ sustainable energy “the golden thread that links economic growth, increased social equity and a healthy environment.”

He went on to note that transition of global energy systems is clearly a challenge, but also an unprecedented opportunity, citing a number of examples, including in Ethiopia, one of many African countries currently developing action agendas and investment prospectuses to ensure sustainable energy for all.

Strong leadership was also shown during the recent launch of the West African Energy Leaders Group in Côte d'Ivoire, he said.

Mr. Ban also recalled that the second UN Sustainable Energy for All Forum in May showed that commitments to date make halving of energy poverty realizable by 2030, through initiatives like the European Union's ElectriFI, the United States' Power Africa, and increased public investments.

Results­Based Finance: Breakthrough Or Backslide?

Everyone loves “results­based finance” – at least in the abstract – because everyone likes to get what they paid for. Quantifying those results and packaging them for buyers, however, has proven elusive once you get beyond payments for ecosystem services. Here’s a look back on the evolution of results­based finance.

The United States, the United Kingdom and Norway made headlines in December when they ​ put $280 million on the table​ to save endangered rainforests. The real news, however, wasn’t the dollar amount, but the distribution mechanism.

Dubbed the “​ Initiative for Sustainable Forest Landscapes (ISFL)​ , the mechanism funnels the $280 million into sustainable agriculture practices, but it ties the exact dollars to the tons of carbon dioxide stored in forests saved by the shift to sustainable agriculture.

Technically, since the payments are denominated in tons of carbon dioxide emissions from reduced deforestation and forest degradation, they are REDD payment. But they aren’t offsets, which means donor countries can’t write the reductions off against their own greenhouse gas emissions. Instead, they’re an example of a new breed of “results­based finance​ (RBF) that aims to tie development aid to measurable outcomes using methodologies that are less rigorous than methodologies developed for offsetting but more rigorous than old­fashioned aid payments — at least in theory. For now, RBF seems to resonate with the traditional environmental community in ways that offsets haven’t, in part because RBF neutralizes the anti­market contingent and eliminates accusations that donors are “buying their way out​ of their obligations to reduce emissions.

The advantages of this streamlined approach are clear, but so is the downside: namely, that RBF doesn’t incorporate anywhere near the kind of carbon­accounting rigor that voluntary carbon programs do.

Proponents argue that such rigor is only necessary if you’re offsetting emission­reductions against industrial emissions, and they point out that many emerging RBF programs are designed to build capacity for offsetting down the road.

Because it’s easier to implement RBF than it is to develop market­based REDD, RBF provides more predictable (but perhaps less lucrative) long­term financing than offsetting does. In so doing, it offers an

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income stream that receiving countries can borrow against today, ​ says Rupert Edwards​ , Senior Finance and Carbon Advisor for the Forest Trends Public Private Co­Finance Initiative.

“Financing instruments like Jurisdictional REDD+ Bonds, with an ambition to operate at scale, can harness international climate finance to support developing countries¢ own efforts, then in turn link to global demand for sustainable commodities and therefore support a truly integrated landscape approach that could be transformational in overcoming costs or barriers that stand in the way of reduced deforestation, resilient ecosystems, improved livelihoods, and sustainable agriculture production, ​ he wrote in March​ .

But there are plenty of downsides as well. In addition to the lack of rigor compared to offsets, RBF lacks the framing aspect that REDD provides. Specifically, while RBF provides a way to measure the good that funding provides, REDD explicitly drew attention to the fact that indigenous and traditional communities provide an ecosystem service. They are not just receiving developed­world largesse; they’re earning developed­world income by delivering a more stable climate. That’s a powerful message and it’s one that could be lost if RBF becomes ascendant.

How We Got Here Carbon offsets changed the game of environmental finance two­fold: first, they shifted the frame of reference from philanthropy to payments for ecosystem services, and second, they narrowed the focus from nebulous payments for doing good to concrete investments based on the measurable success of projects. In that sense, carbon offsetting is not an alternative to results­based finance, but a subset.

Offset­like mechanisms have been around for decades ​ and some would argue for centuries​ . The US Clean Air Act of 1990 provided the immediate precursor to carbon offsetting. That law put a cap on the amount of sulfur and nitrogen oxides (SOx and NOx) that industry can pump into the air, but it let the private sector identify the most efficient way of meeting that cap. Long before that, however, the United States allowed the use of mitigation banks to deal with biodiversity and water issues.

Unlike these precursors, the Kyoto Protocol attracted the interest of global private companies, both as sellers and buyers of carbon offsets. It did so by having global scope, and by standardizing the measurements, reporting and verification (MRV) of credits through the first global environmental credit program: the Clean Development Mechanism (CDM). The CDM opened the doors to private carbon emissions offsetting projects at a global­scale instead of remaining concentrated with the limited efforts of NGOs and donor agencies.

By 2008, the mechanism seemed to be succeeding, at least on the carbon front. Certified Emission Reductions (CERs) were trading at $20 per tonne of carbon dioxide equivalent; investment was pouring into greenhouse gas projects; and people were looking to expand the mechanism beyond carbon.

Comparing Apples to Oranges?

Soon, the race was on to create a global mechanism for conserving biodiversity and promoting good stewardship of water resources, but anyone looking to expand this model past carbon ran into an immediate problem.

“Water isn’t carbon,​ explained Sascha Lafeld, CEOof carbon project developer First Climate, at the Gold Standard Foundation’s 2014 conference in March a sentiment repeated throughout the day by other water experts.

Carbon is unique in that it’s an easily­measured unit that transcends boundaries. A project that removes 200 tonnes of carbon from the atmosphere in China benefits the atmosphere everywhere in the world by 200 tonnes.

Water doesn’t work that way. For one, water is limited by its geographical area and the size of the catchment. Second, water is fluid (in more ways than one): it’s not a discrete, measurable unit like carbon.

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Biodiversity, community participation and other development goals are even harder to quantify much less measure results.

The Rise of Co­Benefits With these and other challenges, the idea of financing non­carbon services through results­based finance largely fell out of favor. Instead, proponents sought to piggyback on voluntary carbon standards. By tacking on best­practices for water management, conservation and community involvement within existing carbon projects, projects could be rewarded for having these extensive “co­benefits​ while still using carbon as a baseline.

Voluntary standards like ​ SOCIALCARBON​ , the ​ Climate, Community and Biodiversity​ (CCB) Standards, ​ Plan Vivo​ , the ​ REDD+ Social and Environmental Standards​ and ​ W+ Standard​ have risen in popularity among buyers looking to impact more than just carbon in these past few years. Suppliers have consistently added these standards, and some buyers have shown support by paying above­average prices.

Although that willingness has been inconsistent, ​ according to the State of Voluntary Carbon Markets​ report, co­benefits seemed to offer a viable if imperfect compromise.

Many Eggs, One Basket That compromise, however, left the price of water and biodiversity dependent on the price of carbon offsets.

When that price began to slide from post­2008 highs, it left biodiversity and water proponents in the lurch.

They started looking for alternatives.

“You know I used to think that carbon was the way that you could save rainforests, where biodiversity got a free ride on a carbon story, says New Zealand carbon developer Sean Weaver, of Carbon Partnership. “But I’m starting to think that the reverse now: that carbon might have to get a free ride on the back of looking after biodiversity and rainforests because carbon has become so unpopular. ​ Market participants have started to revisit the past debates, but the question remains: how can results­based finance be applied to nebulous benefits that don’t lend themselves to quantification?

The possible solutions follow along a spectrum, best exemplified by the approaches enshrined in two conferences in the last half­year: the Center for International Forestry Research’s (CIFOR) ​ Global Landscapes Forum​ and the Gold Standard Foundation’s conference “​ The Future of Results Based Finance Measuring Environment and Social Impacts Beyond Carbon​ .

A Landscapes Approach The term “landscapes​ may have as many definitions as there are trees in the world, but the big takeaway from last year’s meeting is twofold: that carbon should be viewed as only a facet within a more holistic, systems­based approach, and that high­level institutions like the United Nations Framework Convention on Climate Change (UNFCCC), the World Bank, and other institutions are willing to pay for innovative financing using this approach.

The ​ $280­million ISFL was unveiled during those talks​ , offering aid agencies a way to adopt the concept of carbon­based payments without the offsetting element a tweak that frees them from the rigorous and costly verification and validation process. In this way, the ISFL initiative is a hybrid of old­school carbon monitoring and baselines mixed with a decidedly non­carbon focus.

RBF for Big and Small Players It’s not just the large donors who have started exploring these options. As Josh Kempinski at Flora and Fauna International (FFI) noted, FFI is first and foremost a biodiversity organization. They have worked to develop REDD+ projects because the projects support biodiversity and have more available funding than

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traditional conservation. However, given a buyer who simply “wants to do good,​ they don’t necessarily need to sell carbon offsets. As long as their projects use monitoring, benefits­sharing and “all the elements that make a REDD project a REDD project it still has the same structure, just not necessarily transacting a carbon credit.

Moving completely away from carbon is the ​ VCA Platform​ , which has developed Verified Conservation Areas. Instead of a commodities approach, which trades tangible offsets like carbon, VCAs resemble real estate markets: the areas are all about location, location, location. Carbon comes second or not at all.

However, without a carbon accounting framework the question of methodologies rises back up.

Frank Vorhies, manager of VCA, agrees that it’s a problem that isn’t easily solved.

“Nobody’s ever done a baseline assessment,​ he says.“Conservation International’s never done it, UNEP’s never done it, or the IUCN. The conservation community has never even provided the tools to do proper area­based management. When it comes to actually measuring performance, we don’t have any agreed metrics to do a baseline assessment, let alone performance measurements.

Recognizing this challenge, the VCA standard instead relies on the making innovation as it goes by only requiring those involved with project on the ground to have quantifiable metrics and that they be public and transparent. In this way, the standard hopes to develop best practice guidelines.

Imitation is the Best Form of Flattery On one end of the spectrum are professionals seeking to replicate the voluntary carbon market. Where past efforts failed, these professionals are looking to succeed through sharing knowledge and partnerships.

One such case is the ​ Water Benefit Partners (WBP)​ , a public­private partnership between carbon offset developer First Climate, the Swiss Development Cooperation and the Gold Standard. In this initiative, water experts are trying to mimic the transparency, credibility and accessibility of carbon offset projects through the creation of units of water.

Despite the technical difficulties associated with quantifying water, this partnership currently pilots a certification process mimicking that of carbon markets. Projects following this standard would be able to issue Water Benefit Certificates (WBC) independent units representing specific water benefits to private companies in order to finance the work. The Gold Standard’s Water Programme Manager Brendan Smith described how companies have interest in water, but,“we are not Coca Cola. A lot of companies want to get engaged in the water space but don’t have the means. [With WBCs] they don’t have to produce their own project now​ . It aims to launch at World Water Week in Stockholm, which runs from August 31 to September 5.

The Gold Standard has also worked to develop its own landscapes approach but unlike the holistic approaches described previously, this version would certify water, biodiversity and carbon as separate forests assets. So far, the standard has consulted over one hundred stakeholders and recently announced that they’ve ​ become a member of the Forest Stewardship Council​ , a move designed to strengthen ties following a 2012 Memorandum of Understanding with FSC. They’ve also developed an agreement with the Fair Trade Associate, also in 2012. The three organizations plan to work together to harmonize common definitions (like “smallholders​ and “pesticides​ ) in order to simplify certification under multiple standards.

While the Land Use and Forestry (LUF) team at the Gold Standard is still working on creating all of the certified assets, eventually, “There could be a carbon area [of a forest] for carbon credits, and then in another area, you get a biodiversity area. That’s how we envision the future, that you have a landscape with different activities but also with different ecosystem values​ explains Moritz Vohrer, Technical Director of the Gold Standard Foundation. The LUF teams has already created a carbon standard for land use and forestry last year; water is expected to follow later this year and biodiversity in 2015.

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With all these potential methodologies in the works, financing remains an important incentive to translate ideas into real results. The $280 million opened doors for financing landscapes at last year’s COP. Perhaps it will inspire additional governments to finance similar schemes this year.

Finance for Climate Action Flowing Globally

UNFCCC PRESS RELEASE, COMPILED ON BEHALF OF THE STANDING COMMITTEE ON FINANCE Finance for Climate Action Flowing Globally stood at $650 Billion annually in 2011­2012, and possibly higher Annual public and private flows from developed to developing countries ranged from $40 to $175 billion Dedicated multilateral climate funds ­ including UNFCCC funds – represented small shares during the same period, but are set to rise with the recent pledges to the Green Climate Fund amounting to nearly $10 billion There is relative uncertainty in the global figures in part due to data gaps and other limitations, but efforts to improve the quality of measurement and reporting of climate finance flows are under way Lima, 3 December 2014–Hundreds of billions of dollars of climate finance may now be flowing across the globe annually according to a landmark assessment presented today to governments meeting in Lima, Peru at the UN Climate Convention meeting.

The assessment – which includes a summary and recommendations by the UNFCCC Standing Committee on Finance and a technical report by experts – is the first of assessment reports that puts together information and data on financial flows supporting emission reductions and adaptation within countries and via international support.

(Note ­ Further comments on the report by Standing Committee Co­Chair Stefan Schwager and Member Seyni Nafo can be seen at 2:35 in the video diary of Day 3 at Lima on the ​ UNFCCC Newsroom​ ) The assessment puts the lower range of global total climate finance flows at $340 billion a year for the period 2011­2012, with the upper end at $650 billion, and possibly higher. ● Support from developed countries to developing countries amounted to between $35 and $50 billion annually, with multilateral development banks (MDBs), climate­related Official development Assistance (ODA) and other official flows (OOF) representing significant shares of resources channeled through public institutions ● Funding through dedicated multilateral climate funds – including UNFCCC funds ($ 0,6 billion) – represented smaller shares during the same period, and do not include the recent pledges for the Green Climate Fund amounting to nearly $10 billion.

The assessment notes that the exact amounts of global totals could be higher due to the complexity of defining climate finance, the myriad of ways in which governments and organizations channel funding, and data gaps and limitations – particularly for adaptation and energy efficiency.

In addition, the assessment attributes different levels of confidence to different sub­flows, with data on global total climate flows being relatively uncertain, in part due to the fact that most data reflect finance commitments rather than disbursements, and the associated definitional issues.

The assessment is an important contribution of the Standing Committee on Finance that enhances transparency and clarity on climate finance flows – including information on international support to developing countries.

In addition, the assessment includes a set of recommendations by the Standing Committee on Finance to the Conference of the Parties, which, among other things, include ways to strengthen transparency and accuracy of information on climate finance flows through working towards a definition of climate finance and further efforts that would enable better measurement, reporting and verification.

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The assessment also recognizes the need for understanding the impacts of climate finance associated with emissions reductions and activities to boost resilience to climate change.

The 2014 Biennial Assessment and Overview of Climate Finance Flows has been prepared by the Standing Committee on Finance following a mandate by the Conference of the Parties. The 2014 report was prepared with input from a wide range of experts and contributing organizations that collect data on climate finance flows.

Christiana Figueres, Executive Secretary of the UNFCCC, said: “Finance will be a crucial key for achieving the internationally­agreed goal of keeping a global temperature rise under 2 degrees C and sparing people and the planet from dangerous climate change”.

“Understanding how much is flowing from public and private sources, how much is leveraging further investments and how much is getting to vulnerable countries and communities including for adaptation is not easy, but vital for ensuring we are adequately financing a global transformation,” she said.

“I would like to thank the Standing Committee on Finance and the numerous experts and organizations who have contributed to this important assessment. It provides a baseline and a foundation upon which future assessments and more importantly future climate action can be refined and focused,” said Ms. Figueres.

“This first biennial assessment represents a milestone of the work of the Standing Committee on Finance. It is an important information tool for Parties to the Convention that provides a picture of climate finance flows and how they relate to climate actions, including the objectives of the Convention” said Standing Committee on Finance co­chairs Diann Black Layne and Stefan Schwager.

“Going forward, the Standing Committee on Finance will contribute further to improvements in the information on climate finance flows, including through collaborations with data collectors and aggregators,” they added.

More Facts and Figures from the 2014 Biennial Assessment and Overview of Climate Finance Flows Report: ● Global total flows: Most climate finance in 2011/2012 is raised and spent at home–in developed countries 80 per cent of the funds deployed for climate action are raised domestically. ● The same pattern is seen in developing countries where just over 71 per cent comes from national sources ● Around 95 per cent of global total climate finance is spent on mitigation or cutting emissions with 5 per cent on adaptation. ● Subsidies for oil and gas and investments in fossil fuel­fired generation are almost double the global finance for addressing climate change ● Flows from developed to developing countries: Multiple sources were involved in providing funding to support climate action in developing countries ranging from Multilateral Development Banks (MDBs) and Overseas Development Assistance (ODA) to multilateral climate funds – including funds administered by the Operating Entities of the Financial Mechanism of the Convention and the Kyoto Protocol. ● For example, finance from MDBs is around between $15 and $23 billion annually; multilateral climate funds including via the GEF were about $1.5 billion, including those linked to the UNFCCC at about $0.6 billion a year. ● 48 to 78 per cent of finance is reported as fast­start finance (2010­2012), in Biennial Reports (2011­2012), through multilateral climate funds, and through MDBs supports mitigation, or other/multiple objectives (6 to 41 per cent) ● Adaptation finance in the same sources ranges from 11 per cent to 24 per cent.

Notes to Editors The assessment has tried to identify the flows to various sectors and initiatives–real precision in this area will have to await future assessments and the numbers need to be treated with caution.

Adaptation Investments Unclear

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Assessing investments in adaptation is particularly difficult often because they can form part of a larger project such as an investment in a port of water supply system.

Meanwhile, there is also no universal operational definition of what constitutes adaptation and in addition publicly funded adaptation actions within countries–both developed and developing–is rarely reported or available.

As a result, flows from developed to developing countries are not really known with precision.

The ​ biennial assessment and overview of climate finance flows​ can be found on the UNFCCC website.

For more information, please contact: Nick Nuttall, UNFCCC Spokesperson: +49 228 815 1400 (phone), +49 152 0168 4831 (mobile), nnuttall(at)unfccc.int John Hay, Communications Officer: +49 228 815 1404 (phone), +49 172 258 6944 (mobile) jhay(at)unfccc.int About the UNFCCC With 196 Parties, the United Nations Framework Convention on Climate Change (UNFCCC) has near universal membership and is the parent treaty of the 1997 Kyoto Protocol. The Kyoto Protocol has been ratified by 192 of the UNFCCC Parties. For the first commitment period of the Kyoto Protocol, 37 States, consisting of highly industrialized countries and countries undergoing the process of transition to a market economy, have legally binding emission limitation and reduction commitments. In Doha in 2012, the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol adopted an amendment to the Kyoto Protocol, which establishes the second commitment period under the Protocol. The ultimate objective of both treaties is to stabilize greenhouse gas concentrations in the atmosphere at a level that will prevent dangerous human interference with the climate system.

New Report Identifies Key Innovations to Bridge Sustainable Development Investment Gap

A new report released today by the United Nations Environment Programme (UNEP) identifies critical innovations in the US$300+ trillion global financial system, which, if brought to scale, could help close the widening sustainable development investment gap. The report is being launched at the World Economic Forum at Davos ­ at the outset of what promises to be a momentous year for sustainable development Following the financial crisis, increasing focus is being placed on how the financial system can fulfill its underlying purpose to serve the long­term health of the global economy. The new publication, Pathways to Scale, is the 3rd progress report from the UNEP Inquiry into the Design of a Sustainable Financial System and draws on work across 12 countries and a range of critical sectors such as banking, insurance, investment and securities. A key problem is that financial markets still do not effectively price environmental resources, with the result that the value of natural capital stocks such as clean air, productive soils and abundant water is falling in 116 out of 140 countries across the world.

FURTHER RESOURCES ● ● ●

Download report: Pathways to Scale UNEP Inquiry into the Design of a Sustainable Financial System UNEP Green Economy Initiative

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The Inquiry's high potential innovations include three major asset pools: ● Banking: Banking: Banks hold the largest pool of global financial assets (US$139 trillion), and leadership by developing countries such as Bangladesh, Brazil and China in 'green credit' regulations points to a new phase in international banking standards. ● Bond markets: The largest capital market (US$100 trillion assets) and fastest moving theme, with a tripling of 'green bonds' issuance in 2014 and the prize of incorporating sustainability factors such as climate risk into routine credit ratings. ● Institutional investment: With US$93 trillion in assets under management in pensions, insurance and sovereign wealth funds, new investment structures, changes to investor governance and reform of incentives (such as remuneration) could underpin the next generation of sustainable investment.

In addition, the Inquiry has identified growing interest in two cross­cutting policy tools ● Central banks' monetary decisions, including balance sheet policies, could also have potential for marrying stability and sustainability ­ for example, through 'green quantitative easing' ­ although some measures remain controversial. ● 'Environmental stress tests' could help both financial institutions and financial regulators understand the financial implications of disruptive environmental threats such as natural disasters, chronic air pollution, water insecurity and climate change.

UN Under­Secretary­General and UNEP Executive Director, Achim Steiner, said "if we are to generate truly inclusive wealth then we need a financial system that can efficiently invest in the human, productive and natural capital on which we all depend. What is heartening is the increasing evidence that central bank governors, finance ministries and major investment funds recognize that new 'rules of the game' are not just necessary and possible, but can deliver real benefits."

For Anne Staussboll, CEO of leading US pension fund, CalPERS and member of the Inquiry's international Advisory Council ❝investing for the long­term requires strategies that create sustainable value, mitigate multifaceted risks, and strengthen both local and global economies. The common denominator in being able to do all of that effectively is having a stable and forward­thinking policy foundation❞ Another Advisory Council member, Naina Lal Kidwai, country head of HSBC India, added "For too long, a myth has been allowed to take root in India that sustainability and finance are at odds ­ that taking account of environmental, social and governance (ESG) factors raises costs, reduces returns and impedes development. Actual practice suggests the reverse".

Central banks are also starting to take action to integrate social and environmental factors into core policies, and for Aloisio Tupinamba at the Central Bank of Brazil, "sustainability is a positive asset for financial and monetary stability".

Notes to Editors: The UNEP Inquiry is a two­year initiative launched in January 2014. It is guided by a high level Advisory Council of financial regulators, leading financial market actors and experts, and is also informed by a growing international network of partners in central banks, international institutions, the financial sector and civil society.

Google Is Making Its Biggest Ever Bet on Renewable Energy Google Inc. is making its largest bet yet on renewable energy, a $300 million investment to support at least 25,000 SolarCity Corp. rooftop power plants.

Google is contributing to a SolarCity fund valued at $750 million, the largest ever created for residential solar, the San Mateo, California­based solar panel installer said Thursday in a statement.

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Google has now committed more than $1.8 billion to renewable energy projects, including ​ wind and solar farms​ on three continents. This deal, which may have a return as high as 8 percent, is a sign that technology companies can take advantage of investment formats once reserved only for banks.

“Hopefully this will lead other corporations to invest in renewable energy,” SolarCity Chief Executive Officer Lyndon Rive said in a phone interview.

The deal reflects the success of renewable energy companies in tapping into a broader pool of investors with financial products that emerged in the past three years, either paying dividends or sheltering cash.

Those helped boost investment in clean energy 16 percent to a record $310 billion last year, according to data compiled by Bloomberg.

SolarCity slipped 0.3 percent to $52.10 at the close in New York. Google gained 2.1 percent to $555.48.

Financial Products The Google deal is structured as a tax­equity transaction, meaning the web search developer gets tax breaks that flow from solar systems financed by the fund. Earlier this week, First Solar Inc. and SunPower Corp. said they’d form a yieldco, a business model that channels income from operating wind and solar farms into dividends for investors.

Renewable­energy projects are entitled to various tax benefits, including a credit for 30 percent of the installed cost of a solar power system. Unprofitable companies, such as SolarCity, often can’t use the credits and provide them instead to tax­equity investors Google announced a similar deal in January, agreeing to invest in the tax credits generated by a $188 million solar project in Utah being built by ​ Scatec Solar ASA​ .

Tax­Equity Deals This type of investment has typically been provided mostly by banks, and the supply of tax credits exceeds the demand for tax­equity financing, Rive said. The rates solar developers pay in such deals has increased since 2008 even as interest rates fell to near zero.

Back then a typical tax­equity deal might pay an after­tax rate of return of about 7 percent. Today, Rive said they pay at least 8 percent. Attracting more corporate investors to this type of deal may boost demand and let developers pay less, reducing the industry’s financing costs.

Google is supporting a variety of new technologies, ranging from driverless cars to mobile­phone payments.

Companies such as Google and Apple Inc. that have amassed large piles of cash are under increasing pressure to find profitable ways to use their money, and some are supporting new concepts and infrastructure that may have long­term benefits for the planet that go beyond the bottom line.

For Google, it’s a good way to reduce their tax bill and support development of renewable energy.

What Counts: Tools to Help Define and Understand Progress Towards the $100 Billion Climate Finance Commitment

As Parties to the United Nations Framework Convention on Climate Change (UNFCCC) design a post­2020 climate agreement and establish their national contributions within it, the question of progress toward existing climate finance targets has become a sticking point. While mobilizing $100 billion will not meet the climate investment challenge by itself, the goal is currently the primary political benchmark for assessing progress on climate finance. This paper aims to make a positive contribution in the lead up to Paris by first unpacking the key variables Parties have emphasized in debates about “what counts”, and then proposing

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an approach to classifying climate finance that Parties could use as a starting point for their analyses and interpretations. It takes no position on whatshould count towards the $100 billion: instead it organizes different aspects of climate finance in politically relevant ways that could help facilitate clearer understanding and convergence.

This paper builds on existing work by Climate Policy Initiative (CPI), Overseas Development Institute (ODI), World Resources Institute (WRI), and others including the UNFCCC’s Standing Committee on Finance on mapping and tracking the landscape of climate finance. It distills the debate into five key variables that have emerged as relevant to what Parties consider to “count” as climate finance: 1. Motivation – the extent to which a financial flow was explicitly designed to reduce greenhouse gas emissions or support climate adaptation.

2. Concessionality / source – the legitimacy of public versus private sources of climate finance, and the degree of “softness” of the finance reflecting the benefit to the recipient compared to a loan at market rate.1 To simplify categorization and facilitate debate we combine “source” with “concessionality” in this paper, though we recognize this is an imperfect conflation.

3. Causality – the extent to which a contributor’s intervention (whether public finance or policy) can be said to have mobilized further investment in climate­relevant activities.

4. Geographic origin 5. Recipient Each of these variables is explored in depth in section 4 of the paper. In all the diagrams used to represent them, different categories are organized into concentric circles according to political consensus (what we refer to as “onion diagrams”). The closer a category is to the center of the onion diagram, the more notional consensus there is among stakeholders that it should count toward the goal. The key issues considered are summarized in the figure below.

While some stakeholders may care only about one or two of these factors, most probably assign some weight to most, if not all of them.

None of the diagrams in the paper indicate the relative size of flows. We recognize that in order to move beyond a conceptual discussion, numbers will need to be associated with the various layers and rings of each onion, though poor data quality and availability related to some of the variables remains a substantial constraint and we highlight important accounting issues that affect how flows of climate finance are being counted.

However, while quantifying flows is an essential step and an area of both current and future work, it can also tempt Parties to first look at the numbers and only then to decide what kinds of flows should count. This paper encourages stakeholders to instead discuss the principles behind their views before focusing on the numbers to support deeper reflection on underlying assumptions and preferences.

ADVANCING THE DEBATE The above diagram and others in the paper are tools that can help structure debates about this issue, offer politically relevant categorizations of flows, and allow Parties to draw their own conclusions about what should count towards the $100 billion. We have also provided a diagram in Section 5 that allows stakeholders to shade in the cells they believe should count towards the commitment.

Even with efforts to distill the debate over “what counts” to a handful of variables, reaching consensus would be very challenging. While this paper does not provide definitive solutions, it supports deeper reflection on underlying assumptions and preferences.

Such reflection may help to de­politicize these debates while fostering better mutual understanding of perspectives and preferences. We also believe the insights highlighted in this paper are relevant beyond the $100 billion issue, including for discussions about financing for development, what counts as official

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development assistance, and other current debates on defining and monitoring international finance commitments.

New Toolkit for Climate Adaptation Finance

The Organisation for Economic Co­operation and Development (OECD), in collaboration with the Global Environment Fund, has created a toolkit to enhance access to adaptation finance for developing dountries that are particularly vulnerable to climate change.

The toolkit provides practical guidance on: ● Identifying the most relevant funding channels; ● Designing fundable projects and programmes; ● Using the National Adaptation Plan (NAP) process effectively; ● Enhancing capacities and enabling environments to attract resources; ● Fostering lesson­sharing and peer learning.

Green Climate Fund is Finance's Bridge to Climate Action In remarks at the Green Climate Fund Headquarters Opening Ceremony, UNFCCC Executive Secretary Christiana Figueres spoke on the importance of the Global Climate Fund in improving the state of climate finance. From the speech: The GCF has the opportunity to be the GPS that steers the vehicle of private capital. Not necessarily catalysing investments into energy systems as they will occur anyway, but ensuring those investments are on course to greenopportunities and that sizable investments will be made into increasing the resilience buffer of developing countries. Now is the moment to set the course of investments over the next 20 to 30 years. We cannot miss this moment.

When entering Songdo from the Incheon International Airport, you have to cross the Incheon Bridge, one of the longest cable­stayed bridges of the world. I inviteyou to think of that beautiful bridge as the symbol of the challenge of the GCF: tobridge the distance between the world of climate change and the world of finance.

What Are Green Bonds and Why All the Fuss?

Green Bonds have similar features to regular bonds, but offer investors the opportunity to participate in the financing of ‘green’ projects that help mitigate climate change. Green Bonds are offered at the same price as traditional debt of the issuer. The proceeds raised from the bond sale are placed in a subaccount, or are otherwise tracked, on the balance sheet of the issuer. The proceeds can only be used to finance climate friendly projects, potential Green Project categories include (but are not limited to): ● Renewable energy ● Energy efficiency (i.e. efficient buildings) ● Sustainable waste management ● Sustainable land use (i.e. sustainable forestry and agriculture)

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● Biodiversity conservation There are no tax advantages to owning a Green Bond compared with a traditional bond. However, Green Bonds offer issuers and investors a great opportunity to make sustainable, climate­friendly investments. In addition, research shows that companies which include environmental, social, and governance issues into their corporate strategy financially outperform those that do not.[1] The Green Bond market began in June 2007, when the European Investment Bank (EIB) issued the first “​ Climate Awareness Bond​ ”. Over the ensuing years the term “Green Bond” was attached to these instruments. On Earth Day May 2012, ​ International Finance Corporation​ (IFC) issued the first $500 million benchmark Green Bond to enthusiastic investors. By March 2013, the Green Bond market had its footing – IFC’s first $1 billion Green Bond sold within an hour of issue.

Who Is Involved in the Green Bond Market? ●

●

Green Bond issuers – Driven by supranationals EIB, IBRD, and IFC in the early days, late 2013 and 2014 saw progression with new international agencies entering the field such as KFW, FMO, and EDC. The market expanded to include corporates such as EDF, GDF Suez, Unilever, and Unibail­Rodamco. U.S. municipals are the most recent participants, including Massachusetts, Connecticut, California, as well as DC Water. Universities followed suit led by MIT and University of Cincinnati.

Green Bond investors – Investors range from green dedicated funds and retail, to asset managers, banks, corporations, pensions and insurance companies. Investors are not exposed to the risk of specific projects – the repayment of the bond is subject to the credit risk of the issuer; however, other forms of Green Bonds are emerging including asset backs and covered bonds, where investors can take exposures to projects.

What Projects Are “Green” Enough?

There is no market standard for the definition of green. The ​ Green Bond Principles​ (GBP) were developed with guidance from issuers, investors and environmental groups to serve as voluntary guidelines covering the recommended process for the development and issuance of Green Bonds. The transparency and disclosure recommended by the GBP are intended to provide the information needed for investors to make their own decisions about an issuer’s stated eligible project categories. J.P. Morgan was one of the four banks that co­authored the GBP and currently serves on the Executive Committee. A consortium of over 100 issuers, investors, opinion providers, and banks are GBP members and observers. The ​ Climate Bonds Initiative​ has been diligently working in a consultative manner, for the past three years on establishing a market standard for the definition of green.

Investor transparency is essential to the growth of the Green Bond market. Issuers are encouraged to have their green projects assessed by external opinion providers who are climate expert consultants. ​ Cicero​ , DNV­GL​ , ​ Oekom Research​ , ​ Sustainalytics​ , and ​ Vigeo​ are active opinion providers. Issuers are also encouraged make public, annual reports on the green projects they were funded by the Green Bond proceeds.

CLIMATE LEADER PAPERS There are two key issues that need to be on everyone’s agenda throughout the next twelve months: climate finance, and trust. Further pledges on climate finance will build the trust needed for full cooperation between

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developed and developing countries, and allow successful negotiations to culminate in an effective international climate agreement.

It will come as no surprise to anyone that climate finance should be identified as one of the major issues for 2015. After all, the Green Climate Fund was set up precisely to unlock global finance and investment for both mitigation and adaptation. Funding the global response to climate change is a critical part of the global negotiations on climate change, and the Fund will play a leading role in support of the aim of keeping the average global temperature increase below 2°C. Climate finance is already growing, although not fast enough – in 2013 just over US$240 billion was invested in new clean energies, up from $80 billion in 2005. But we need to trigger further massive investments, particularly in the developing world, and developed countries have pledged that concessional climate finance to developing countries should be significant, every year.

All of this climate financing will support a paradigm shift towards low­emission and climate­resilient development – something that we hope to achieve through innovative funding models and the deployment of new technologies. The Fund is also committed to spending 50 per cent of its resources on adaptation projects, with a particular focus on supporting those developing countries that are most vulnerable to the devastating impacts of climate change, such as small island developing states, least developed countries and African states.

This Fund will catalyse climate finance flows from the developed to the developing world. These flows will come from developed countries, but also from private investments, and indeed one of the innovative elements of the Fund is the focus on promoting private sector climate investment through our Private Sector Facility, identifying and helping to overcome barriers to investment so that private capital can drive transformational change. But we need deeply concessional public funds from developed countries, and this is what we are seeking in our resource mobilisation which remains open to additional contributors – pledges from contributing countries that will allow us to welcome funding requests in early 2015.

The good news is that some countries have already demonstrated their backing to the Fund. Other nations are preparing to follow suit with the size of their support commensurate with their responsibilities for climate change and their capabilities in respect to their economies. We confidently expect that by the time COP21 takes place at the end of 2015 in Paris, other countries will have declared their intentions to contribute to the Fund, and will have announced pledges.

BUILDING TRUST The Green Climate Fund is not the only piece of the puzzle of course. We need ambitious and progressive national strategies, as well as enlightened investors and banks, and various support systems. Most of all, we need political harmony between the countries that are part of the UNFCCC agreement that will need to be based upon trust. That brings me to the second key issue for next year’s agenda on climate change: how to build trust between countries – the trust that will allow us to overcome differences and commit to an ambitious international agreement where everyone can benefit.

It is easy to describe the international progress on climate change as lengthy. We often see only the roadblocks and the setbacks. We also see that developing countries expect that everyone will contribute fairly to solving this global problem – and that fairness is a prerequisite for trust.

But I am optimistic about the prospects for agreement. And that optimism comes precisely from my work with the Board of the Green Climate Fund.

The Fund has been set up as an operating entity of the financial mechanism of the UNFCCC. Put more simply, we are a joint endeavour between developed and developing countries – equally represented on our

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Board. There have been some tough negotiations about how to structure the Fund, about the balance of priorities, the principles, approaches, and rules that will govern our operations. We have had to balance the needs of all – from the small island states at risk of rising sea levels to the large developed countries. And progress has only been possible through sometimes hard­fought consensus.

But we have agreed all of the essential elements that were needed in order to open our initial resource mobilisation and open the Fund for business. The Fund is therefore not only a means to support global action on climate change; it is also already a good example of what can be achieved through international cooperation, when countries work together, and in doing so, they build trust.

THE NEED FOR ADDITIONAL PLEDGES It is our success in achieving consensus to build a new financial institution from scratch that gives me confidence that on a larger scale the 2015 Conference of the Parties in Paris can move towards an ambitious deal that can save the world from the threat of damaging climate change.

In the meantime, we need to secure additional pledges from contributing nations to the Green Climate Fund, and we need to build greater trust between countries. Climate finance and trust: those two elements are inextricably linked. Pledges on climate finance will build the trust we need for an international agreement.

Developing Common Principles for Tracking Climate Finance

The world’s largest development finance institutions are working together on a common sets of principles for tracking climate finance. They have agreed on the first set for tracking mitigation finance. Similar principles for tracking adaptation finance and leverage are being developed this year.

A key step to reining in climate change is shifting how trillions of dollars are invested, moving finance out of carbon­intensive, business­as­usual investments that can lock in greenhouse gas emissions for decades to come and moving it into low­carbon growth.

Knowing where the money is flowing is critical for reaching areas of opportunity and need, because what gets measured gets managed.

This week, more than two dozen of the world’s largest development finance institutions – including multilateral development banks like the World Bank Group and regional and national development banks like Agence Française de Développment – agreed to a ​ common set of principles​ that each will use to consistently track financial commitments that help reduce the drivers of climate change.

Tracking climate mitigation finance is the first step. The group is also developing principles for tracking adaptation finance and the ability to leverage finance, with frameworks possible mid­year.

“Common methodologies will build trust that climate finance is flowing," said World Bank Group Vice President and Special Envoy for Climate Change Rachel Kyte. "Our ability as multilateral, national and bilateral development institutions to tell a shared story will provide an essential piece of the climate finance jigsaw puzzle. That puzzle needs to be solved in the next few weeks. It’s important for the ​ climate conference in Paris​ , of course, but for ​ Addis Ababa and finance for development​ , as well.”

Common principles for tracking The development finance institutions have been tracking climate finance for only a few years, and their methods have varied, making global public finance numbers difficult to compare. Some methods left out segments; others led to double counting of resources.

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To help create a more accurate map of climate finance flows and assessment of the volume, the multilateral development banks (MBDs) began jointly reporting on climate finance about four years ago and have been fine­tuning their harmonized framework. Together, the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter­American Development Bank (IDB), and the World Bank Group (WBG) reported nearly US$75 billion in climate finance in fiscal years 2011 to 2013.

Separately, the ​ International Development Finance Club (IDFC)​ developed a process for its 22 national, regional and international development finance institutions, which include Development Bank of Latin America (CAF), Japan International Cooperation Agency (JICA) and Germany’s KfW. Together, the IDFC members reported US$87 billion in climate finance in 2013.

Over the past year, these two groups have worked together to develop the principles, guidelines and definitions in the ​ Common Principles for Climate Mitigation Finance Tracking​ that were agreed to at the Climate Finance Forum​ in Paris this week.

The principles The principles set common definitions and guidelines for tracking climate finance, but they leave the implementation, reporting, and quality control to each institution.

An activity is classified as related to climate change mitigation under the common principles if it promotes “efforts to reduce or limit greenhouse gas emissions or enhance greenhouse gas sequestration.”

The guidelines then list activities that can be counted as climate finance in nine categories: renewable energy; lower­carbon and efficient energy generation; energy efficiency; agriculture, forestry and land­use; water and wastewater; transportation; low­carbon technologies; non­energy greenhouse gas reductions such cleaner industrial production and carbon capture and storage; and cross­cutting issues such as support for the development of carbon markets, policies and regulations, and emissions monitoring systems.

Finance is counted at the stage when the project is approved and the finance committed. The principles also provide guidance for disaggregating climate finance from other activities. For example, in a project costing US$100 million where only about US$15 million might be documented for energy efficiency, only the US$15 million would be reported.

The guidelines encourage banks to be conservative in their reporting when the data or separation is unclear.

Adaptation, leverage and mainstreaming The common principles cover only mitigation activities at this point. The MDBs and IDFC are also working on common frameworks expected this summer for tracking adaptation finance.

While investment in mitigation can be counted through savings in greenhouse gas emissions, tracking adaptation requires more context and analysis of how each project is connected to vulnerability. The groups are discussing potential indicators that could streamline the process.

The MDBs are also working on a framework for calculating leverage across different financial instruments – the amount of additional finance, often from the private sector, that development banks are able to bring into programs by adding their support or offering guarantees.

Looking farther ahead, several of the development finance institutions that met in Paris are looking at ways to share best practices for mainstreaming climate finance within development finance operations, ​ as the World Bank Group is doing​ today. Sharing best practices will help the development finance community at large to be better equipped and deploy new ideas to move progressively towards greener and climate friendly investments that support better development results.

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Closing the $70 Billion Climate Finance Gap

STORY HIGHLIGHTS The world’s developed countries have committed to mobilize $100 billion a year by 2020, from public and private sources, to help developing countries adapt to the impacts of climate change and reduce their emissions.

The latest accounting of climate finance shows there is a gap of about $70 billion. Closing that gap is critical to building the trust necessary to reach a robust deal at the international climate talks in Paris in December.

The World Bank Group and others are now analyzing and working on ways to mobilize that finance.

Seventy billion dollars is about one­third of the airline industry’s ​ fuel bill​ in 2012, and less than the ​ net worth of the world’s three wealthiest people.

It’s also about one­third of the average economic ​ losses from natural disasters every year,​ about one­third of the direct economic damage wrought by the ​ Great East Japan Earthquake​ in 2011, and two­thirds of the cost of damage caused by ​ Hurricane Katrina​ in 2005.

And it’s the gap in the amount of climate finance that developed countries have promised to provide to developing countries annually by 2020.

The world’s developed nations agreed in 2010 to mobilize ​ $100 billion a year by 2020 from public and private sources​ to help developing countries adapt to the impacts of climate change and reduce their emissions. Studies show that while climate change will affect everyone, ​ the poorest​ with the fewest resources to adapt will be hit the hardest. The ​ Climate Policy Initiative​ estimates that of the $331 billion in climate finance flowing in 2013, about $34 billion flowed from developed to developing countries, leaving a gap in the annual commitment of about $70 billion.

Closing that $70 billion gap is critical to building the trust necessary to reach a robust deal at the international climate talks in Paris in December.

The Paris agreement will address the bigger picture – the trillions of dollars in low­carbon infrastructure and economic transformations necessary to build a low­carbon, resilient future. But getting to a Paris agreement starts with the existing commitments: it means having a clear way to meet the $100 billion annual commitment by 2020.

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Green Climate Fund ready to help developing nations fight climate change

Any views expressed in this article are those of the author and not of Thomson Reuters Foundation.

Once again, climate negotiators have gathered in Bonn to discuss the fate of the Universal Climate Agreement (UCA). The spiritual grandchild of the Earth Summit Rio agreement of 23 years ago, the UCA is the world's best chance to limit global temperature increase to 2 degrees Celsius.

The universal hope is that it will be adopted at the global climate meeting in Paris in December. The UCA is important because it will record different countries' commitments to reduce their CO2 emissions, and this time around, developing countries will also make commitments to reduce their emissions ­ and they are looking for how to fund the actions they will need to take.

How much money is needed by developing countries? Estimates are around $450 billion per year from 2020 on ­ $350 billion for reduced emissions and $100 billion for adapting to the impacts of climate change.

Some of this money will of course come from inside the countries themselves. But to reach their emission reduction targets a significant fraction will also need to come from developed countries in the form of official climate finance.

These numbers may sound overwhelming, but should be compared to net inflows of debt and equity into developing countries which are estimated to be above $1.2 trillion per year.

In 2010 in Cancun, the global community responded to developing countries' financing needs by creating the Green Climate Fund​ .

The Fund groups 196 sovereign states that are Parties to the United Nations Framework Convention on Climate Change (UNFCCC), and is the only multilateral financing institution in the world whose sole mission is to serve the UNFCCC's climate objective. Its purpose is to promote a radical paradigm shift towards low emission and climate­resilient investments in developing countries.

How is the Fund expected to do this? By providing developing countries with direct financing for climate investments and by leveraging other financing, including private investors and financial markets.

Funding will be concessional, and one of the Fund's greatest innovations is its risk­bearing capacity, allowing it to bear more risk and thus leverage other less risky financing, notably from the private sector.

OPEN FOR BUSINESS A lot of work has been done since the Fund's inauguration in Songdo, in the Republic of South Korea, in December 2013. It is now open for business and has a growing network of more than 120 developing country focal points engaged with the Fund.

Developing countries are central in the funding process and the Fund's own Board is structured to ensure a balanced representation from developed and developing countries.

In the year since its launch the Fund has already secured $10 billion equivalent in financial pledges from 33 countries, including from developing countries. It is continuing to raise money on an ongoing basis.

A significant portion of its pledges have already been converted into usable resources: last month, the signature of Japan's contribution marked a turning point, as the Fund became effective with more than 50 percent of total pledges converted into usable resources. The Fund is ready to start investing in climate­sensitive projects and programmes.

How will the Fund operate? Through a network of accredited partners, trusted entities that will work on its behalf during the project cycle. These may include local institutions in the countries themselves, regional entities, private banks and funds, NGOs and international organizations.

The Fund's accredited partners will deploy its resources through a variety of financial instruments (concessional loans, subordinated debt, equity, guarantees and grants) and monitor project impacts. The

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process to build the network of partner entities is ongoing, with applications received from all over the world and some institutions already accredited.

To accelerate private sector investment in low­emission, climate­resilient activities, the Fund's Private Sector Facility will work hand in hand with international businesses, capital markets and the local private sector in developing countries.

Its risk bearing capacity will enable the Fund to support private investments in, for example, energy efficiency, forest protection and reforestation, deployment of climate­related insurance products, adaptive agricultural methods in the face of desertification, and similar.

At the Paris meeting, the world expects the Conference of the Parties to take some important decisions concerning climate finance. Total official commitments to date are a good start but only a fraction of what is needed to achieve the world's climate change objective.

In order to succeed, countries must agree to put in place predictable, long term flows of official climate finance up to and beyond 2020, including quantities significantly larger than initial pledges made to the Fund to date.

Héla Cheikhrouhou is the Executive Director of

Global carbon price “corridor” key to mobilising climate finance

Introducing a global carbon price “corridor” is one of ten recommendations put forward by a commission assembled by French President Francois Hollande and tasked with advising the government – hosts of this year’s high­level climate summit – on how to scale­up international climate funding at the talks from both public and private sectors.

Recognising the ongoing budgetary constraints of governments worldwide, the report looks at ways of further developing the use of innovative financial mechanisms in order to meet a rich­nation commitment of channelling $100 billion per year to poor nations to help them combat and adapt to climate change.

The report, entitled “Mobilizing Climate Finance: A Roadmap to Finance a Low­carbon Economy”, was authored by the Canfin­Grandjean Commission, which is headed by France’s former minister of development Pascal Canfin and economist Alain Grandjean.

The authors note the report and its recommendations fall outside the scope covered by ​ UNFCCC negotiations, but contend that it supports the negotiations and can contribute to the success of the pact to be agreed at the ​ COP​ ­21 summit in Paris this December.

The report identifies the first challenge as the global phasing out of fossil fuel subsidies, which it said “act in many ways as a negative carbon price”.

An IMF paper published last month estimated that these subsidies are equivalent to $10 million per minute – well above the total subsidies targeting renewable energy.

“Given the intense international discussion prior to COP­21, we propose that developed and emerging countries agree on a voluntary basis – and outside of the scope of the UNFCCC international agreement – to a ‘carbon corridor’ with a minimum target price of $15­20/ton of CO2 in 2020, and a maximum target price of $60­80/ton in 2030/2035,” the report said.

“This carbon corridor would allow governments at COP­21 to transmit the necessary common political message, as well as the needed flexibility in price levels to gather countries with different levels of development.”

The remaining nine recommendations to put the world on a path to financing a low­carbon economy, as set out by the report, are as follows: 1) Establish a monitoring process for the low­carbon financial roadmap to ensure its longevity beyond COP­21. The IMF and the World Bank could be charged with the supervision and implementation of this roadmap, in coordination with the institutions deemed relevant to perform this task, particularly within

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UNFCCC. The objective will be to monitor, in particular, the development of the carbon price signal (including phasing out fossil fuel subsidies), the reforms allowing the removal of barriers to investment in low­carbon infrastructure, the ‘2C roadmaps’ of development banks, the integration of climate risk in financial regulation, the relative volume of ‘green’ investments compared with total global investments in infrastructure and the evolution in the decoupling of GDP and greenhouse gas emissions.

2) Integrate climate in macro­economic models. The integration of a 2°C scenario throughout the macroeconomic forecasts and models of international institutions (IMF, OECD, etc.) and finance ministries in order to ensure a better coherence between short­term analysis and forecasts, and long­term low­carbon objectives. Any model or forecast, for example energy market forecasts, that is incompatible with the 2°C limit should be explicitly identified as such.

3) Development of national strategies to finance the decarbonization of the economies. Governments, beginning with developed countries, should produce national decarbonization strategies for their economies, covering the needed financing, both public and private. France has adopted the principal of such a strategy in its law on the energy transition for green growth; the G7 countries also committed to this principal in June 2015.

4) Request that each development bank develop a ‘2°C investment roadmap’ compatible with the 2°C limit.

This roadmap should specify how the development banks intend to contribute to the fulfillment of the 2°C limit agreed to by the international community. A joint monitoring process by multilateral, regional and bilateral development banks could be established, with a public report presented every two years during General Meetings of the IMF and the World Bank.

5) Increase the use by development banks of instruments and tools with high leverage ratios, such as guarantees, subordinated debt or credit enhancement, to increase climate finance at comparatively low costs. France could request development banks to estimate their capacity to mobilize additional climate finance through an increased use of these tools.

In the particular case of France, the Agence Française de Développement (AFD) is today the only international development finance institution subject to Basel 3 prudential regulation. According to our estimations, if aligned with the prudential frameworks used by other development banks, the AFD could increase its activity by €1 to 2 billion.

6) Include in the 2016 G20 work program the forthcoming recommendations of the Financial Stability Board (FSB), which was mandated in April 2015 by G20 finance ministries to analyze the potential impacts of climate change on financial stability.

7) Request that the Bank for International Settlements (Basel Committee) define methods to include climate risks in stress tests for banks and insurance companies. This should include methodologies to assess the performance of assets held by banks and insurance companies in the +4°C scenario as developed by the International Panel of experts on Climate Change (​ IPCC​ ). France, in partnership with other countries, could formally request the Basel Committee on this issue.

8) Establish a public monitoring system for financial actors’ engagements that have multiplied in recent months, including: the integration of climate risk; measuring greenhouse gas emissions induced by their financial activities; and increasing financing for the green economy. The UNFCCC’s Nazca Platform, which centralizes these commitments, can be used and further developed by COP­21 in order to increase the visibility of progress in this area within the broader ‘Agenda of Solutions.’ These commitments could be comprised in an annual public report.

In the particular case of France, the recently voted provisions of the energy transition for green growth legislation require institutional investors to measure the greenhouse gas emissions linked to their financial activities and to explain how they address the 2°C scenario. These same provisions could be usefully extended to private banks concerning their lending activities.

9) Adopt the methodology developed by the OECD in June 2015 to analyze the alignment of public policies with low­carbon development. This is a key means of assessing the integration of progressive

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decarbonization targets in all public policies. We propose that France be part of the first countries to commit to apply this framework internally and urge other member countries of the OECD and OECD key partners to do so before the COP­21.

In the particular case of the European Union (EU), the financing of the Juncker Plan totalling €315 billion could be made conditional on climate co­benefits criteria and projects related to the implementation of the low­carbon transition could be prioritized (energy efficiency and technology projects). France could communicate broadly on its recent legislative developments to integrate climate issues into financial regulation. The French government could propose to its European partners to move forward in this direction.

France could therefore request that the European Commission addresses this issue and proposes a plan of action for the next 2 to 3 years to be delivered ahead of COP­21.

Development Banks Agree Common Approach to Measure Climate Finance

The world’s leading development finance institutions have taken an important step forward in tracking more consistently the flows of finance that help countries and people deal with the effects of climate change.

The six large multilateral development banks (MDBs) and the International Development Finance Club (IDFC), a network of national, regional and international development banks, have agreed on a common set of principles to track financial commitments that help countries prepare for and build resilience to the impacts of climate change.

The ability to track systematically the flows of finance that support climate adaptation makes an important contribution to helping societies deal more effectively with the negative effects of climate change Labelled, the ​ Common Principles for Climate Change Adaptation Finance Tracking​ , the initiative builds on a similar agreement earlier this year to define and track mitigation finance, the funding aimed at combatting climate change.

By increasing transparency of climate finance flows, the agreement on the two common principles for tracking climate finance will help to build confidence that money is flowing to help deal with this major global challenge.

It is an important signal ahead of this year’s COP21 conference in Paris that aims to deliver a global agreement on climate.

The multilateral banks include the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter­American Development Bank (IDB) and the World Bank Group.

“This represents a significant milestone in global climate action. It brings development finance institutions together on how we track finance flowing to countries, as they adapt to the impacts of climate change. The agreement paves the way for greater transparency in financial flows and hopefully will help underpin greater commitment in Paris,” said World Bank Group Vice President and Special Envoy for Climate Change, Rachel Kyte. ”This worldwide cooperation between national and international financial institutions brings a unique value to address the development needs of vulnerable countries” – International Development Finance Club.

The document is aimed at achieving a common understanding of what to count as climate adaptation finance. Knowing how the money is flowing is critical for reaching areas of opportunity and need, because what gets measured gets managed.

Last month, the MDBs ​ said​ that they had delivered US$ 5 billion in financing last year to help developing countries and emerging economies adapt to the challenges of climate change. Similarly, ​ IDFC members

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reported in their last green finance mapping report a contribution of US$ 15.8 billion to adaptation projects in developing countries in 2013.

Nonetheless, IDFC and MDBs agree that increased support for more climate resilient infrastructure, natural ecosystem and other adaptation measures is urgently needed.

According to the newly agreed common principles document, “the MDBs and IDFC are fully committed to promoting and supporting climate resilient development as an essential element of the sustainability of their investments.” They plan to do this, the document says “by integrating climate resilience and adaption into their investments, operations and initiatives.”

The purpose of the principles is to set out an agreed approach for tracking adaptation finance. The principles are voluntary and set common definitions and guidelines. The implementation, reporting and quality control are each institution’s responsibility. In addition, IDFC and MDBs have committed to further develop their cooperation in the future and will continue to share practices and knowledge on climate finance.

About the International Development Finance Club: The 22 Members of the International Development Finance Club (IDFC) share a similar background and vision regarding the promotion of low carbon climate resilient development pathways. IDFC unites global expertise and innovation with in­depth local know­how and total assets of more than 2.1 trillion USD. For more information: ​ www.idfc.org

France, UN Stress Need for Paris Finance Package

On Tuesday, French President François Hollande and United Nations Secretary General Ban Ki­moon met in Paris and agreed on the need for clarity as soon as possible on how developed countries will ensure a flow of at least $100 billion per year by 2020 towards funding developing nations' climate actions.

The two leaders discussed issues around this year's UN climate change conference (COP 21) in the French capital, where governments are set to deliver a new, universal climate change agreement in December. The official UN ​ read­out​ of their meeting said that this included what next steps should to be taken to ensure an ambitious outcome at the Paris climate change conference. In this regard, they noted the importance of and different ways of engaging Heads of State and Governments on climate change, including on the margins of the 70th session of the General Assembly in New York in September.

They agreed on the particular importance of generating early signals about the climate finance package for COP 21, such as at the meeting of Finance Ministers in Lima in October. They also agreed on the importance of operationalizing the Green Climate Fund. In a ​ speech to ambassadors​ gathering in Paris, earlier that day, President Hollande underlined the need for and enhancement of the climate finance international efforts. He said: If we are to succeed in Paris it will undoubtedly require political commitments, an agreement, and it will require financing. And that is what we have to focus all our solutions and energies towards. The $100 billion by 2020 was a promise that has not yet been kept but it is now a requirement. It is absolutely necessary to get an agreement.

Boosting Finance for Forest Protection Key Meetings in Durban this Week Important meetings to boost finance for forest protection are taking place in Durban, South Africa this week, helping to build momentum for effective climate action at the UN Climate Change Conference in Paris in December.

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At the ​ World Forestry Congress​ in Durban (7­11 September) participants are discussing ways to unleash the full potential of forests to lift rural populations out of poverty, act as buffers against climate change and inspire new technologies and renewable products.

Around 20 ministers and deputy ministers from around the world are joining heads of international and national agencies and several thousand delegates gathering at the Congress, which takes place every six years.

To coincide with the World Forestry Congress, the ​ Standing Committee on Finance ​ (SCF) is holding its third annual forum 8 to 9 September, focusing on issues related to finance for forests, both in the context of curbing greenhouse gases and adapting to climate change.

The SCF was mandated by the Conference of the Parties (COP) to organize a forum for the communication and continued exchange of information among bodies and entities dealing with climate finance in order to promote linkages and coherence.

18 Industrialized Countries Issue Statement on Climate Finance At a meeting in Paris, 18 industrialized countries released the following statement on climate finance. Their meeting was held on the eve of a separate ministerial hosted by France in cooperation with Peru.

Those attending included: Australia, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Poland, Sweden, Switzerland, United Kingdom, United States, and the European Commission.

Their Joint Statement in Full: On September 5 and 6, 2015, ministers and senior officials from our governments met in Paris to discuss collaborative efforts to scale up climate finance and provide increased transparency on our progress. We focused in particular on tracking progress towards the goal of jointly mobilizing $100 billion dollars a year by 2020 from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance, to address the needs of developing countries, in the context of meaningful mitigation actions and transparency on implementation. At the halfway mark to the 2020 target date, we note that climate finance is already flowing at increasing levels. We will continue our efforts to provide and mobilize increased finance from public and private sources for adaptation and mitigation and to demonstrate that developed countries are well on their way to achieving this goal.

We have worked hard to fulfill the finance decisions in the Cancun framework and will continue to do so. We have fulfilled our 2010­2012 “fast start finance” commitment. In 2014, we and many other countries provided robust pledges to the Green Climate Fund (GCF), enabling initial resource mobilization to exceed $10 billion, and we look forward to the GCF’s first round of project approvals later this year.

As we continue to work towards the $100 billion goal, we recognize the need for increased transparency in reporting on our progress. Building on the work of the Research Collaborative on Tracking Private Climate Finance (see note below), we have developed a common understanding of the scope of mobilized climate finance and a common methodology for tracking and reporting towards this goal. We invite others contributing to the $100 billion goal to join our efforts. Our institutions and agencies will endeavor to use this framework as a basis going forward. We note the efforts of the multilateral development banks (MDBs) and the members of the International Development Finance Club to harmonize the way they account for climate finance, and we are working with them, as well as other relevant international institutions, to align our tracking and reporting systems as much as possible over time.

Our Common Understanding of Mobilized Climate Finance In developing our common methodological framework, and for the purpose of tracking progress towards the $100 billion goal, we consider mobilized climate finance to include:

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●

Public finance provided by our governments through a variety of institutions (including through the operating entities of the financial mechanism of the Convention, bilateral aid agencies, development finance institutions, export credit agencies (ECAs) and multilateral entities) and instruments (concessional and non­concessional, including grants, loans, equity, and de­risking instruments), where such finance is identified as climate relevant using criteria in line with those agreed within relevant international organizations such as the OECD, IPCC, and MDBs. We intend to report transparently on different categories of public climate finance. ● Private finance for climate­relevant activities that has been mobilized by public finance or by a public policy intervention, including technical assistance to enable policy and regulatory reform.

Key Elements of Our Common Methodology In developing our methodology, we have been guided by the following principles: to ensure that only finance mobilized by developed country governments is counted towards the $100 billion goal and that, where multiple actors are involved, the resulting finance is only counted once in tracking our progress; and to ensure that our reporting framework encourages and incentivizes the most effective use of climate finance.

In accounting for mobilized private climate finance, we intend to assess the amount of private finance mobilized on an activity­by­activity basis and to report on private finance associated with activities where there is a clear causal link between a public intervention and private finance and where the activity would not have moved forward, or moved forward at scale, in the absence of our governments’ intervention. In recognition of the role that developing countries play in mobilizing private finance, our governments will report only on our share of private finance mobilized, excluding the share of private finance that developing countries’ public finance has mobilized.

Looking Ahead It is important to note that current data and methodological limitations prevent us from accounting for the full range of flows that we are mobilizing towards the $100 billion goal at this time, in particular those mobilized through public policy interventions. As such, any near­term estimate produced will necessarily be partial, and will omit some – and possibly a substantial amount – of climate finance mobilized. We intend to continue to improve our methodology as data availability increases and measurement methods evolve, and, as a result, we expect our reporting to become more complete over time.

We look forward to the estimates of mobilized climate finance that the Organization for Economic Co­operation and Development (OECD) and the Climate Policy Initiative (CPI), at the initiative of the French and Peruvian presidencies, will produce, taking into account our common methodological framework and the latest 2013 and 2014 data, recognizing the partial and initial nature of these estimates due to data limitations and methodological constraints. We welcome the organization by the current and incoming COP presidencies of a ministerial meeting in Lima.

Note: The Research Collaborative on Tracking Private Climate Finance is an OECD­hosted consortium of experts from international financial institutions, the private sector, governments, and non­governmental organizations that is working to develop tools for more accurately tracking mobilized private climate finance.

Global development and the people behind it The spiritual grandchild of the Rio Earth Summit agreement of 23 years ago, the universal climate agreement (UCA), is the world's best chance to limit global temperature increase to two degrees Celsius.

The universal hope is that it will be adopted at the global climate change summit in Paris, France, in December 2015. The UCA is important because it will record different countries’ commitments to reduce their carbon dioxide emissions, and, this time around, developing countries, too, will make commitments to reduce their emissions—and they are looking for how to fund the actions they will need to take.

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How much money is needed by developing countries? Estimates are around US$ 450 billion per year from 2020 on: US$ 350 billion for reduced emissions and US$ 100 billion for adapting to the impacts of climate change. Some of this money will be provided by countries themselves. But to reach their emission reduction targets, a significant fraction will also need to come from developed countries in the form of official climate finance (OCF). These numbers may sound overwhelming, but context is paramount—they should be compared to net inflows of debt and equity into developing countries, which are estimated to be above US$ 1.2 trillion per year.

At the 2010 Climate Change Conference in Cancun, Mexico, the global community responded to developing countries’ financing needs by creating the Green Climate Fund (GCF). The GCF groups 196 sovereign states that are Parties to the United Nations Framework Convention on Climate Change (UNFCCC), and is the only multilateral financing institution in the world whose sole mission is to serve the UNFCCC’s climate objective. Its purpose is to promote a radical paradigm shift towards low emission and climate­resilient investments in developing countries.

How is the GCF expected to do this? By providing developing countries with direct financing for climate investments and by leveraging other financing, including private investors and financial markets. Funding will be concessional, and one of the GCF's greatest innovations is its risk­bearing capacity, allowing it to bear more risk and thus leverage other less risky financing, notably from the private sector.

A lot of work has been done since the GCF’s inauguration in Songdo, in the Republic of Korea, in December 2013, where it is headquartered. It is now open for business and has a growing network of more than 120 developing country focal points engaged with the Fund. Developing countries are central in the funding process and the GCF’s own Board is structured to ensure a balanced representation from developed and developing countries—a 50:50 ratio.

In the year since its launch, the GCF has already secured US$ 10 billion equivalent in financial pledges from 33 countries, including from developing countries. It continues to raise money on an ongoing basis. A significant portion of its pledges have already been converted into usable resources, and the Fund is ready to start investing in climate­sensitive projects and programmes.

How will the GCF operate? Through a network of accredited partners, trusted entities that will work on its behalf during the project cycle. These may include local institutions in the countries themselves, regional entities, private banks and funds, nongovernmental organizations and international organizations. The GCF’s accredited partners will deploy its resources through a variety of financial instruments (concessional loans, subordinated debt, equity, guarantees and grants) and monitor project impacts. The process to build the network of partner entities is ongoing, with applications received from all over the world, and some institutions already accredited.

To accelerate private sector investment in low­emission, climate­resilient activities, the GCF’s Private Sector Facility will work hand in hand with international businesses, capital markets and the local private sector in developing countries. Its risk­bearing capacity will enable the Fund to support private investments in, for example, energy efficiency, forest protection and reforestation, deployment of climate­related insurance products, adaptive agricultural methods in the face of desertification and other similar projects.

At the Paris Climate Change Summit later this year, the world expects member States to take some important decisions concerning climate finance. Total OCF commitments to date are a good start but only a fraction of what is needed to achieve the world’s climate change objective. In order to succeed, countries must agree to set in place predictable, long­term flows of OCF up to and beyond 2020, including quantities significantly larger than the initial pledges made to the GCF to date. The line of argument for increasing investments is simple—either we pay now or pay later and face the risk of significant development setbacks for all of humanity.

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UNEP Inquiry Shows How to Align Global Finance with Sustainable Development A new UNEP report released at the International Monetary Fund (IMF)/World Bank Annual Meetings shows how to harness the assets of the world's financial system for sustainability ­ the key findings are that: ● A 'quiet revolution' is underway as financial policymakers and regulators take steps to integrate sustainable development considerations into financial systems to make them fit for the 21st century. ● Momentum is building and is largely driven by developing and emerging nations including Bangladesh, Brazil, China, Kenya, and Peru, with developed country champions including France and the UK. ● Amplifying these experiences through national and international action could channel private capital to finance the transition to an inclusive, green economy and support the realization of the Sustainable Development Goals.

These are the core findings of a two­year Inquiry by the United Nations Environment Programme, summarized in a new report, The Financial System We Need. Commenting on the release: Achim Steiner, UN Under­Secretary­General and Executive Director of UNEP said: "UNEP's Inquiry has for the first time compiled and analyzed inspiring initiatives from across the world that seek to better align the financial system with sustainable development, showing that there is much to be learnt from the developing world. We now need to raise the level of ambition and cooperation to ensure that the heartland of the global economy, the financial system, can evolve to serve its core purpose of growing and sustaining the real economy.

UNEP's report opens a new chapter by setting out how such an evolution can be achieved," he added.

Also speaking at the launch, Yi Gang, Deputy Governor of the People's Bank of China, said the UNEP Inquiry report "delivers a vision of embedding sustainable development into the core of financial and capital markets. It should be a very useful guide and reference for many governments, financial institutions and international organizations in thinking about how to advance green finance." Yi praised UNEP's contribution to the joint study with China's central bank on the country's green financial system, and said that "we have benefited significantly from UNEP's vision of sustainable finance as well as its analysis on international experience," and "are looking forward to continuing this partnership with UNEP in the future."

Dr Atiur Rahman, Governor of the Bangladesh Bank, and a member of the Inquiry`s Advisory Council, speaking at the launch, said: "For the first time, the Inquiry has mapped the many innovations around the world seeking to ensure that the financial systems serves its purpose of financing inclusive, green development".

John Lipsky, former first Deputy Managing Director of the IMF and a member of the Inquiry`s Advisory Council, "Reforming the financial system remains unfinished business ­ we have stabilized the system,

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but have a long way to go in designing a financial system that meets the needs of sustainable development. " Murilo Portugal, the President of Brazil`s banking association, FEBRABAN, and a member of the Inquiry`s Advisory Council, "The Inquiry has catalyzed awareness of the need to align financial markets to sustainable development, and highlighted practical pathways to improving such an alignment."

Naina Kidwai ­ Chairman, HSBC India, Director, HSBC Asia Pacific, and a member of the Inquiry's Advisory Council, "Too often the financial system and sustainable development have been tackled in separate silos. The Inquiry has shown for the first time how to systematically connect the dots, demonstrating practical ways in which we can mobilise the scale of capital needed in emerging markets, particularly for clean energy and clean water."

Sharan Burrow ­ General Secretary of the International Trade Union Confederation (ITUC), "The UNEP Inquiry is a valuable contribution to help reframe the financial system which is essential for a socially just transition to a low carbon economy."

Henri de Castries, Chief Executive of AXA, one of over 40 partners of the Inquiry, "I welcome the Inquiry, as only a financial system with a sustainability orientation serves the economy and society, and so provides a sound foundation for fostering the long­term orientation of finance."

Rachel Kyte, Vice President and Special Climate Envoy, World Bank Group: "The UNEP Inquiry has uncovered a new generation of policy innovations that aim to ensure the financial system serves the needs of inclusive, environmentally­sustainable, economic development. Its findings are an important input in advancing a new generation of financial system reform and support the delivery of our most important sustainability goals, and could play an important role for implementing the results of the forthcoming Paris climate talks."

Highlights from 'The Financial System We Need' report from the UNEP Inquiry The UNEP Inquiry into the Design of a Sustainable Financial System was established in January 2014 with a mandate to advance policy options that would improve the effectiveness of the financial system in supporting sustainable development.

Supported by a high­level Advisory Council of financial leaders, the Inquiry has looked in­depth at practice in more than 15 countries as well as across key segments of the financial system, such as banking, bond and equity markets, institutional investment, insurance as well as monetary policy. To reach its findings, the Inquiry has worked with central banks, environment ministries, international financial institutions as well as major banks, stock exchanges, pension funds and insurance companies.

The Inquiry has identified five types of measures that are being introduced by financial rule­makers: ● Enhancing market practice through better disclosure, clearer responsibilities and improved product criteria. ● Harnessing the public balance sheet, through fiscal incentives, public financial institutions and central bank action

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●

Directing finance through policy measures, such as priority sector lending, legal requirements and liability regimes ● Transforming financial culture, through capacity building, reformed incentives and market structure ● Upgrading system governance, through guiding principles, regulatory mandates and performance measurement.

In total, the Inquiry found over 100 measures that are already in place, including: ● China, a portfolio of 14 distinct recommendations to advance China`s green financial system, covering information, legal, institutional and fiscal measures ● France, new disclosure requirements on climate change have been introduced for institutional investors as part of the country's energy transition legislation ● Kenya, has advanced financial inclusion through scaling of mobile based payment services, which is now also supporting green financing ● Peru, new due diligence requirements have been introduced for banks to help reduce social and environmental externalities. ● USA, emphasizes fiscal measures to accelerate green finance, and had made significant advances in disclosure and investor action.

The Inquiry`s report presents a Framework for Action that includes a toolbox of nearly 40 different measures, a set of five policy packages across banking, bond and equity markets, institutional investors and insurance, and a prioritized set of 10 next steps to promote international financial cooperation NOTES TO EDITORS Along with The Financial System We Need, the Inquiry will also be launching the 'Inquiry Live' website which will house a dedicated platform the body of knowledge and research materials encompassing the Inquiry's work over the past 20 months. The website will provide a one stop shop to all of the Inquiry's research materials, as well as a dedicated portal for partner countries to enable communication and sharing of knowledge. The country portal will initially be dedicated to the 15 countries where there has been enhanced country engagement.

African Development Bank to triple Annual Climate Financing to nearly $5 billion by 2020 The President of the African Development Bank (AfDB), Akinwumi Adesina, announced on Friday, October 9 that the AfDB would nearly triple its annual climate financing to reach $5 billion a year by 2020. AfDB’s climate spending will increase to 40% of its total new investments by 2020.

“Climate change is both an urgent threat and a unique opportunity,” Adesina said. “The Bank is significantly stepping up its support for African countries, not only to meet that threat but also to seize the opportunity to drive low­carbon, climate­resilient growth.”

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Half of the $5 billion will be dedicated to reducing Africa’s greenhouse gas emissions by unlocking Africa’s enormous potential for renewable energy, especially solar, hydro, wind and geothermal power. The AfDB will also work with its clients to improve energy efficiency and build sustainable transport systems.

The other half of the $5 billion will help African economies adapt to climate change through measures such as investing in climate­resilient crops, building sustainable infrastructure and improving irrigation and access to water. To this end, the Bank will also be integrating climate resilience into all of the infrastructure projects it finances.

The African Development Bank has committed almost $7 billion to support climate­resilient and low­carbon development in Africa in the past four years. Its energy investments last year will deliver power that is 90% generated from renewable sources. The AfDB also supports the Africa Renewable Energy Initiative and the Africa Adaptation Initiative, both endorsed by the African Union heads of state and government.

As well as increasing its own climate financing, the AfDB will pursue public and private co­financing opportunities. The Bank will be seeking, for instance, to mobilise concessional financing from the Green Climate Fund. It will also issue more green bonds as a way of funding its climate investments.

“The current climate financing architecture is not providing the finance Africa needs,” Adesina said. “Much more needs to be done to increase Africa’s access to climate finance”.

The Bank’s announcement reflects the high priority it places on addressing climate change in its ​ Ten Year Strategy 2013­2022​ , as well as massive new support for the energy sector.

Soon after Adesina became President in September, the Bank unveiled the ​ New Deal on Energy for Africa​ .

The landmark initiative aims to solve Africa’s huge energy deficit by 2025, and to spur economic growth that will enhance Africa’s capacity to adapt to climate change.

Developed countries have committed to mobilising $100 billion a year from 2020 in climate finance for developing countries. In Paris in December, the international community is expected to finalise a new global climate agreement and decide how to finance it, at the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21).

“To meet the $100 billion per annum target by 2020, we must improve the predictability and mobilisation of finance,” Adesina said. “I support the efforts by Multilateral Development Banks to enhance our share of climate finance, now and in the future.”

Climate Finance Given Big Boost in Advance of Pledging Conference

Christiana Figueres today congratulated the United States for announcing the largest signal pledge to date to the Green Climate Fund (GCF)—the financial support mechanism aimed at assisting developing countries in moving to a low carbon, resilient future.

Christiana Figueres, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), said: “In a few days’ time nations will meet in Berlin to pledge support to the GCF. The announcement today by the United States sets a new benchmark for GCF support and provides inspiration for other developed countries to act”.

The announcement by the United States, which is aimed in particular at the poorer and the most vulnerable countries,brings support for the GCF to close to $6 billion in advance of the Berlin meeting following pledges from several other countries.

These include Germany which pledged around $1 billion (750 million Euro) at the Petersberg Climate Dialogue in July; France which pledged $1 billion­worth of support at the UN Secretary­General’s climate summit in September and Sweden which has announced over $500 million in support. This week the Netherlands also announced a pledge of $125 million.

Two developing countries—Mexico and the Republic of Korea—have also made voluntary pledges.

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The GCF, which was established in 2010, recently became operational with countries also developing a set of ground rules for its operation. It is a key part of the $100 billion a year promised by developed countries to developing ones by 2020 in support of their ambition to mitigate emissions and adapt to climatic impacts.

“New pledges now could have a positive impact on the next big round of climate negotiations which get underway in Lima, Peru in a few weeks’ time in advance of the Paris conference at the end of 2015. We and others have often suggested that a positive level for the GCF, going into in Lima, would be $10 billion—the announcement by the United States and others puts us closer to that aim,” said Ms Figueres.

African Ministers Call for Strong Paris Agreement, Climate Finance Flows

Private and Public Sectors Join in Quest for Market and Finance Opportunities at 7th Africa Carbon Forum (Marrakech, Morocco, 16 April 2015) – Ministers from governments across Africa have renewed their call for a strong and universal climate change agreement with increased flows of funds, including through market and finance opportunities, sufficient to fulfill Africa’s development aspirations.

With countries set to approve a new climate change agreement under the UN in Paris in December, African ministers stressed the region’s readiness and requirement for accelerated private and public financing of low­carbon development. Africa, with its vulnerable populations and vast potential, has perhaps the most to lose from climate change and the most to gain from an effective climate change agreement.

“I agree with Ministers that the last 10 years in the implementation of the Clean Development Mechanism is a very valuable asset and that market mechanisms can play a significant role in raising the level of ambition, and supporting climate action,” said Ms. Hakima El Haite, Delegate Minister in charge of Environment of Morocco.

“In these last eight months before Paris, the focus must shift from restating negotiating positions to finding common ground solutions,” said UNFCCC Deputy Executive Secretary Richard Kinley at a day­long ministerial segment at the Africa Carbon Forum 2015 hosted by the Kingdom of Morocco. “All countries have something to gain from the Paris agreement and it is in everyone’s interests to reach a strong conclusion as soon as possible this year. If Heads of State come to Paris, it must be to adopt an agreement that is robust and ready for them.”

Clean Energy to Unlock African Sustainable Development Potential

The African Carbon Forum 2015 focused on programmes to unleash private sector finance, such as through the Clean Development Mechanism, and scale up other forms of climate finance to strengthen the sustainable development of African countries.

According to the International Energy Agency Africa Energy Outlook 2014, 625 million people in Sub­Saharan Africa, about two­thirds of the population, are without secure access to electricity. Some 730 million people in the region still rely on cooking mostly with wood, harming health and destroying vital forest cover.

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“The coming months provide African countries with a significant opportunity to align their contributions to the Paris climate agreement with their own long­term sustainable development priorities,” said Mr. Kinley.

Countries are busy detailing their Intended Nationally Determined Contributions (INDCs), which they will submit as their contribution to climate action under the Paris agreement. INDCs for 35 countries have been submitted to date. On April 1, Gabon became the first African country to submit an INDC.

Climate Finance and a Strong CDM Are Key to Success

Two clear messages emerged from participants at the African Carbon Forum. First, linking climate finance to results is essential to stimulate greater funding for both mitigation and adaptation to climate change.

Second, developing countries, including Africa, need tools like the Clean Development Mechanism if they are to successfully shift to a low­carbon emitting development path. Paris provides the continent with a unique opportunity to anchor carbon markets in the long­term climate agenda in line with scaling up climate action and sustainable development based on their national priorities.

A consistent theme during the Forum was the need to preserve and improve the CDM beyond 2020 as a tool for providing continued climate finance and technology to developing countries, especially in Africa. This would capitalize on the capacity and infrastructure already built up by countries and stakeholders. It is widely expected that this will be one of the issues to be resolved in Paris.

Participants particularly highlighted the usefulness of the CDM’s established rules in measuring, reporting and verifying results and its possible role to help define and clarify the content of INDCs. The workshop also concluded that African countries could look at how best to link and leverage finance through the Green Climate Fund at the same time as increasing use of the CDM.

The Forum noted that the INDCs provide Africa with an ideal vehicle through which public policy developments can be transparently displayed by countries to shift toward a low­carbon and sustainable development path.

What the Forum Organizers said about Climate Change and Development in Africa “Throughout this African Carbon Forum, I have sensed the extraordinary will of the continent to act, and to use the tools that are functioning and at their disposal now, such as the Clean Development Mechanism. I share the sentiment expressed by many participants here, that it is time to support Africa's dynamism in particular by exploring how the GCF can channel climate finance for the implementation of CDM projects in Africa, and finally unleash the continent's mitigation potential. With the Paris agreement in mind, I trust that African countries will reflect this reality in their INDCs.” John Kilani, Director, Sustainable Development Mechanisms programme, UNFCCC

“The African Carbon Forum 2015 has clearly demonstrated the engagement and commitment by countries in the region to contribute to a balanced and fair outcome at the COP in Paris. Countries are preparing their INDCs, and presentations at the Forum indicate that these will have both ambition and at the same time send clear signals of the need to balance adaptation and mitigation aspects within a broader green economy development framework.”

John Christensen, Director, United Nations Environment Programme DTU Partnership

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“Here’s what participants at the Forum are saying: a clear and fair global climate architecture, which can protect the more vulnerable regions, such as Africa, needs to be a part of the Paris narrative. Participants are demonstrating a very high level of commitment to helping the Paris process hear Africa’s voice in getting climate policies right.”

Neeraj Prasad, Manager, Climate Change Group, World Bank Group

“As we move towards the goal of a global climate change agreement in Paris in December, the 7th Africa Carbon Forum reinforced the need to have adequate, predictable, sustainable climate finance resources to address Africa’s challenges in transitioning to low carbon development, smart agriculture, and sustainable urban development ​ key topics at this year’s ACF. These areas should be at the core of Africa’s development priorities and how they are integrated into the countries’ INDCs will help determine the successful implementation of INDCs beyond Paris. We all know current climate financial flows are currently insufficient to meet all of Africa’s climate change challenges, but it will be critical for African countries to demonstrate the ability to effectively deploy those resources that are available to help contribute to the global climate change goals.”

Kurt Lonsway, Manager, Environment and Climate Change Division, African Development Bank

“As we've heard over the past couple of days, there is a great opportunity for the private sector to invest in a low carbon future for Africa, using market forces to bring innovative technologies so that the continent can develop in a sustainable way. The Paris agreement can help facilitate this by setting the right parameters for business to invest, including agreeing rules and guidelines for carbon markets.”

Dirk Forrister, President and CEO of International Emissions Trading Association

This year’s Africa Carbon Forum attracted over 600 participants of 53 countries, including 23 ministers or senior officials, policymakers, project developers and investors, and built on the success of last year’s forum in Windhoek, Namibia. Discussions centered on international and national policies and operational issues related to carbon markets, mechanisms and finance.

The Forum is organized under the umbrella of the Nairobi Framework by the UNFCCC, United Nations Environment Programme along with the UNEP­DTU Partnership, World Bank, African Development Bank and the International Emissions Trading Association.

The Nairobi Framework was launched in 2006 by then UN Secretary­General Kofi Annan to assist developing countries, especially in sub­Saharan Africa, to improve their level of participation in the Kyoto Protocol’s Clean Development Mechanism.

Results­Based Finance for Climate Action CDM Offers Good Model

Paying for greenhouse gas reductions, so­called results­based financing, requires robust systems to ensure that money deployed achieves real reductions and benefits. This was the main message of a panel on the margins of the UN climate change negotiations in Bonn, on Tuesday.

For example, to receive money directly from the new Green Climate Fund (GCF), countries need to show that they have the capacity to meet set fiduciary standards as well as environmental and social performance standards, explained Axel Michaelowa, Managing Director of consulting firm Perspectives.

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UN's CDM Offers Model for Results Based Finance His company is looking at how accreditation requirements for funding under existing multilateral climate funds, such as the UNFCCC’s Adaptation Fund and Global Environment Facility, could be streamlined to be applicable under the GCF. Mr. Michaelowa said there are also lessons to be learned from Designated National Authorities set up under the Kyoto Protocol’s Clean Development Mechanism (CDM), and said he hoped the GCF would borrow from CDM’s strengths in monitoring, reporting and verification, stakeholder integration, and transparency of documentation.

Björn Dransfeld of The Greenwerk consulting company told attendees that results­based financing, “payments for performance of a mitigation action,” results in immediate, real emission reductions, when funding agencies pay CDM projects for their already verified emission reductions.

He gave the example of developing­country fertilizer manufacturers, which until recently had an incentive under the CDM to destroy, and not vent into the atmosphere, the very potent greenhouse gas N2O. The price paid for the certified emission reductions earned by CDM projects is now, for the most part, too low to make it worthwhile for factories to destroy the gas. Mr. Dransfeld said funds, such as the GCF, could step in to pay for the emission reductions and achieve immediate, real results, until policy responses, such as a ban on venting, are phased in.

Incubators and Tracking Key Requirements Fan Chien Te, Director and Prof. of Law, Institute of Law for Science and Technology at National Tsing Hua University, Taiwan, made a case for “incubators,” entities that can help projects and start­up enterprises access funding and mobilize technologies.

Psamson Nzioki of Transparency International, Kenya, stressed the need for a clear definition of what constitutes “climate finance” and that climate money be properly labeled and tracked to avoid corruption.

“We’re trying to ensure there is capacity in the countries and handlers of such money to avoid past mistakes,” said Mr. Nzioki.

EU, South Korea see central role for GCF in global climate finance

Meeting on the occasion of their Eighth Bilateral Summit, the heads of the Republic of Korea and the European Union stressed the need to tackle climate change and confirmed their resolve to play their part in concluding a successful universal climate agreement in Paris later this year.

The Presidents of the Republic of Korea and the European Union, Ms. Geun­hye Park and Mr. Donald Tusk, expressed their intention to cooperate bilaterally and with other countries towards an “ambitious” and “effective” agreement that must “address adaptation to climate change and climate finance, in particular through the Green Climate Fund.”

Mr. Tusk was accompanied by Commissioner Cecilia Malmström, who represented the President of the European Commission, the executive body of the 28 EU member states.

The three leaders affirmed their ambition to “make the Green Climate Fund fully operational and the main operating entity of the financial mechanism” under the UNFCCC for the Post­2020 climate regime.

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The joint statement, made at a press conference in Seoul, comes ahead of this year’s 21st Conference of the Parties in Paris (COP 21) of the UN Framework Convention on Climate Change.

“We welcome this joint European­Korean announcement,” said Hela Cheikhrouhou, Executive Director of the Green Climate Fund. “The statement serves as a rallying call to other governments in the lead­up to the Paris conference,” she said.

Both the Republic of Korea and European Union member states are significant contributors to the Fund, with the EU being the largest, representing close to half of all commitments made to GCF to date.

The Fund mobilizes resources on an ongoing basis and encourages all governments to make a pledge to GCF if they are in a position to contribute, in particular before COP 21.

The bilateral summit addressed a range of global issues, under the broader theme of global welfare and a safer future. The Presidents shared their plans to cooperate towards increased energy security and efficiency and encouraged countries to submit their Intended Nationally Determined Contributions (INDCs).

The Green Climate Fund was established to channel new and predictable financial resources to developing countries to promote the paradigm shift towards low­emission and climate­resilient development pathways and help limit global warming to less than 2 degrees Celsius.

World Bank Group Pledges One­Third Increase in Climate Financing The World Bank Group today announced it will increase climate financing to potentially $29 billion annually with the support of its members, giving a huge boost to global efforts to help countries tackle the impacts of climate change and move toward low­carbon growth.

Currently, 21 percent of the Bank Group’s funding is climate related. President Jim Yong Kim said today that could rise to 28 percent in 2020 in response to client demand, representing a one­third increase in climate financing. The World Bank Group now provides an average of $10.3 billion a year in direct financing for climate action. If current financing levels were maintained, this would mean an increase to $16 billion in 2020.

In addition, the Bank Group plans to continue current levels of leveraging co­financing for climate­related projects; at current financing levels, that could mean up to another $13 billion a year in 2020. The direct financing and leveraged co­financing together represent an estimated $29 billion.

The announcement was made during the Annual Meetings of World Bank Group and IMF in Lima in a private meeting of ministers who gathered to talk about climate financing ahead of the 21st​ ​ Conference of the Parties (COP21). The climate meeting will be held in Paris at the end of November and December and aims to strike a global agreement on climate, which includes delivering on a promise to provide developing countries with $100 billion a year in climate financing by 2020. The World Bank Group’s announcement responds to developing countries’ calls for new resources to help address climate challenges.

“We are committed to scaling up our support for developing countries to battle climate change,” Kim said.

“As we move closer to Paris, countries have identified trillions of dollars of climate­related needs. The Bank, with the support of our members, will respond ambitiously to this great challenge.”

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The World Bank Group’s climate finance pledge is dependent on client demand and on maintaining current financial capacity. The Bank Group’s Board has agreed to a roadmap to review its shareholding and financing capacity in the coming years.

The investments will boost support for renewable energy and energy efficiency, climate­smart transport solutions, resilient cities, the restoration of degraded forests and landscapes, enhanced water security, and agricultural practices.

In the meeting of ministers, which was called by Peru and France, Kim called the financing of climate action a “collective challenge. … We all know that country needs for ending extreme poverty and boosting sharing prosperity and combatting climate change are enormous. Together, all of us here will have to find ways to respond to the expected rising demand.”

Rachel Kyte, Bank Group Vice President and Special Envoy for Climate Change, added: “Working together, the multi­lateral development banks are showing that we will respond to the incredible demand seen in the national contribution plans filed with the United Nations. Now our focus shifts from the commitment to finance to executing the projects and programs that will make a difference in people’s lives.”

Innovative Climate Finance Lightens Energy Bills Momentum for Change Podcast

Innovative financing solutions are essential to tackling climate change, above all in the energy sector.

Although sustainable energy systems are generally cheaper than conventional systems in the long run, their upfront costs can be prohibitively high.

One solution to this is the Lighten the Energy Bill initiative developed by Belgian­based ​ EcoNation​ . Lighten the Energy Bill promotes a unique financing mechanism that absorbs the entire upfront cost of installing sustainable lighting systems. Once installed, customers are charged in monthly installments that are guaranteed to be lower than their original electric bill.

This project won the Momentum for Change award in 2014, under the Financing for Climate Friendly Investment pillar. Momentum for Change is an initiative spearheaded by the UN Climate Change secretariat to shine a light on the enormous groundswell of activities underway across the globe that are moving the world toward a highly resilient, low­carbon future. Momentum for Change recognizes innovative and transformative solutions that address both climate change and wider economic, social and environmental challenges. The Financing for Climate Friendly Investment Pillar recognizes successful and innovative climate­smart activities. This focus area is implemented in partnership with the ​ World Economic Forum​ .

To tell us more, we sat down with Xavier Verbeken from

MDBs Provided $28 Billion in Climate Finance in 2014; G7 Calls for Scaling Up

STORY HIGHLIGHTS

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A new report from the six large multilateral development banks (MDBs) breaks down their combined climate finance commitments in 2014, looking at mitigation, adaptation and regional investments.

Over the four years since they began joint reporting, the MDBs have provided over $100 billion in climate finance. As understanding of the risks posed by climate change increases, they are being asked to do more.

The report covers climate finance from the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter­American Development Bank, and the World Bank Group, which includes IFC.

The leaders of the powerful G7 countries made headlines in June when they ​ committed​ to a low­carbon growth path and formally recognized the need to reach zero net emissions globally before the end of the century. They know it will require shifting trillions of dollars from carbon­intensive investments to low­carbon, resilient growth, and they called on the six big multilateral development banks (MDBs) to use "to the fullest extent possible" their balance sheets and their capacity to mobilize partners to increase climate finance for developing countries.

A ​ new joint report from the MDBs​ examines the multilateral development banks’ climate finance commitments in 2014 and breaks down where and how the money was used.

The analysis will help the development banks and their shareholders, partners and others as they work out how to meet the rising need for climate action.

Over the four years since they began joint reporting, the six MDBs have provided over $100 billion in climate finance through financial instruments including loans, grants, and guarantees, which have helped leverage additional private finance. In 2014, the latest reporting year, they committed a combined $28 billion toward climate finance, the largest one­year total since joint reporting began. In all, 22 percent of the MDBs’ total finance involved climate action.

“This joint report on climate finance shows our track record of mobilizing finance for energy efficiency, renewable energy, clean transport, water management and landscape management. We plan to do more,” said Rachel Kyte, World Bank Group Vice President and Special Envoy for Climate Change. “In particular, as the major channel of funding for adaptation we are concerned to increase investment in resilience where support is urgently needed now to support those who are most vulnerable.”

What gets measured gets managed Transparent, credible information on finance flows is essential to demonstrate the effectiveness of the work carried out.

The MDBs’ channeling and leveraging of climate finance supports a mix of policy work and investments in both the public and private sectors with adaptation and mitigation benefits. Of the $28 billion committed in 2014, 82 percent was dedicated to mitigation projects that can reduce greenhouse gas emissions, and 18 percent went to adaptation projects designed to help countries adjust to the impacts of climate change and build resilience.

IDB aims to double financing for climate change

The Inter­American Development Bank today announced the goal of doubling the volume of its climate­related financing by 2020.

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In order to increase investments in adaptation, particularly for countries within the region that are most vulnerable to the impacts of climate change, the Bank also committed to screen all relevant projects for climate risks and resilience starting in 2018.

To date 17 governments from Latin America and the Caribbean have submitted Intended Nationally Determined Contributions (INDCs) in advance of the COP21 climate change summit to be held in Paris later this year. The IDB’s new climate finance goal is intended to assist these countries in meeting their commitments.

To that end, the IDB will increase the use of instruments to leverage private sector finance, including financing for adaptation and climate resilience. The ​ consolidation​ of all of the IDB Group’s private sector operations into a single entity that will begin to operate on January 1, 2016, will also enhance its ability to develop and offer innovative financial products, such as green bonds.

The new climate finance goal is dependent on demand from the IDB’s clients as well as the Bank’s continued access to external sources of concessional finance, including the Climate Investment Funds, the Green Climate Fund and bilateral funds. This aspirational goal will also need to be formalized by the IDB’s Governors.

To accelerate these efforts to mainstream climate and sustainability throughout the IDB Groups operations, the Bank is also considering the implementation of changes to its climate and sustainability division that will allow it to have a much broader impact in both the public and private sectors.

The new goal is based on the ​ Joint Approach of the Multilateral Development Banks for Tracking Climate Finance​ . Based on this methodology, the IDB has devoted a yearly average of 14 percent of its financing to climate­related projects over the past three years (2012­2014). Doubling that volume would lead to a level of climate lending averaging between 25 percent and 30 percent of the Bank’s total approvals by 2020.

About the IDB The Inter­American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long­term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting­edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.

Global Climate Change Alliance+ Launch: EU's contribution to tackle climate change in developing countries EU Commissioner Neven Mimica launched today the new phase of the Global Climate Change Alliance partnership between the EU and the most vulnerable developing countries to fight climate change.

Today, EU Commissioner for International Cooperation and Development, Neven Mimica, launched a new phase of the ​ Global Climate Change Alliance (GCCA)​ , called Global Climate Change Alliance plus (GCCA+), which will run until 2020. The GCCA+ is set to become one of Europe’s key tools to assist the world’s most vulnerable developing countries in addressing global climate change.

Around €350 million of EU funds will be made available until 2020 for the GCCA+, in addition to the private and national public investments that this financial support is expected to leverage.

Commissioner Neven Mimica said: "It is a top priority for the EU to assist the most vulnerable countries in their efforts to adapt to climate change and at the same time to transit to green and sustainable economies.

There are encouraging success stories which we will replicate and take further over the next years."

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Climate Action and Energy Commissioner Miguel Arias Cañete said: "This is a great initiative which shows that EU is scaling up climate finance to help the most vulnerable countries take action against climate change. And it also sends a clear signal ahead of Paris: the EU stands by its commitments and is ready to continue to do its part."

This announcement comes ahead of ​ COP21 Conference​ , when global leaders from around the world will gather in Paris in December 2015 to reach an agreement tackling one of the most pressing issues of the 21st​

century – climate change.

The GCCA+ is one of the EU's major contributions to the implementation of the ​ Addis Ababa Action Agenda (AAAA) that calls for urgent action to combat climate change and its impact, and to the upcoming COP21 Climate Conference. This AAAA, in combination with ​ the 2030 Agenda for Sustainable Development​ – which includes climate action as ​ Sustainable Development Goal 13​ – will guide international development and cooperation for the next fifteen years.

Background Since 2007, the GCCA supported 51 programmes in 38 countries and 8 regions during its very first phase.

With today's launch of a second phase of the GCCA (the GCCA+), the EU will continue to provide technical cooperation on climate change to the least developed countries (LDCs) and to small island developing states (SIDS), enabling them also to have their voices heard in the international climate negotiations.

The GCCA+ launch event is being organised by the European Commission. It brings together around 120 participants, including governments and cooperation institutions from the 28 EU Member States, Africa, Asia, the Caribbean and the Pacific, EU Institutions and EU Delegations staff, civil society organisations, local authorities, the private sector and decision­makers involved in the implementation of climate change policies, programmes and projects.

Examples of GCCA projects 1. GCCA Bhutan – this is an ambitious projectthat supports Bhutan in enhancing the resilience of rural households to the effects of climate change and the readiness of the renewable natural resources. With the help of the GCCA, Bhutan has submitted an impressive Intended Nationally Determined Contribution (INDC) to the future Paris Agreement on 30 September 2015 to the United Nations Framework – Convention on Climate Change (UNFCCC) Secretariat. As per its INDC, Bhutan reconfirms its target to remain carbon neutral, by ensuring that the country's emission of greenhouse gases does not exceed the sink capacity of its forests. The GCCA also helps Bhutan to deliver its INDC commitment to maintain as a minimum of 60 percent of land area under forest cover (currently 70%).

2. The Chololo ecovillage in Dodoma, Tanzania, aims to strengthen the capacity of vulnerable rural communities in semi­arid areas of Central Tanzania to adapt to the adverse effects of climate change.

Specifically, the project has helped identify and share a wide range of innovative adaptation technologies; support the village community to agree and implement a solid framework of land use plans and natural resource management principles and practices; empower women to act at the forefront of the transformation, with increased authority and reduced workload; increase household food security and incomes, and improve livelihoods.

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The 9th Latin American and Caribbean Carbon Forum (LACCF 2015) concluded today in Santiago de Chile, where key business and government representatives from across the region discussed the use of market­based mechanisms and other forms of carbon pricing and climate finance. The Forum called for their inclusion as mitigation and development tools in the new global climate deal expected from Paris at the end of this year.

Following the ​ recent negotiations​ that took place in Bonn where Parties clarified many issues and the way forward for negotiations before Paris, the Forum showcased successful examples of the use market­based approaches such as the CDM, innovative financial instruments, carbon pricing policies and mechanisms which have fostered climate finance deployment in the region, and reiterated their need to be able to continue using them in the long term.

Having a stronger and shared understanding of the enabling policy conditions and business actions that are required to move toward carbon neutral economies in the LAC region, participants underscored the need for ongoing exchanges and collaboration.

Countries are currently preparing and submitting their Intended Nationally Determined Contributions (INDCs) in advance of Paris. In this context, and since INDCs will be revised over time to increase climate ambition, climate finance and market­based mechanisms are key to achieving the carbon neutrality goals that the world is striving for by the end of the century, participants at LACCF 2015 heard.

Bridging the gap between public and private sector actions was praised as a prime opportunity to leverage the climate finance required to fight climate change in the region.

The LAC region is committed to preserving its natural resources and protecting its environment by building a resilient and decarbonized future for itself and the world. The region thus aims for a low­carbon development pathway, and it clearly emerged from this Forum that no tool or means shall be neglected in the Paris agreement to reach this objective.

The wealth of methodologies and experiences that were developed by the CDM were recognized as an important tool and a solid model to monitor, report and verify emissions.

The Economic Commission for Latin America and the Caribbean (ECLAC) and the government of Chile hosted the LACCF 2015 in Santiago de Chile from 9 to 11 September. This year’s Latin American and Caribbean Carbon Forum attracted over 400 participants from 48 countries, senior officials, policy­makers, project developers and investors, and built on the success of last year’s forum in Bogotá, Colombia.

This conference was jointly organized by the secretariat of the United Nations Framework Convention on Climate Change (UNFCCC), the World Bank Group, the Latin American Energy Organization (OLADE), the International Emissions Trading Association (IETA), the United Nations Environment Programme (UNEP), the UNEP DTU Partnership, United Nations Development Programme (UNDP), the Inter­American Development Bank (IDB), and CAF development bank of Latin America (CAF).

What the Forum Organizers Said About Climate Change and Development in the LAC region "What I have heard at this Latin American carbon forum in Santiago illustrates and echoes loudly the ideas that Parties are bringing forward in the negotiations, namely that the use of the existing mechanisms such as the CDM, carbon markets and other carbon pricing instruments needs to be reflected as part of the mitigation solutions in the Paris agreement. The LAC region is a forerunner in terms of implementing a variety of carbon policies and measures with a view to a clean and sustainable development leading to carbon neutrality, and I trust that their leadership will be key in 80 days."

John Kilani, Director, Sustainable Development Mechanisms programme, UNFCCC "The LACCF for the last 9 years has provided a valuable platform to discuss issues of Low Carbon development in the Latin American and Caribbean (LAC) region. This year’s Carbon Forum has sent a very positive message about the readiness of countries in the LAC region to make significant contributions to a new global climate agreement in Paris in December. Many countries have already taken domestic action in

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areas such as carbon pricing policies, expansion of Renewable Energy supply, and increased focus on efficient public transportation. In addition, there has been broad political and public engagement in the process of preparing INDCs in several countries."

John Christensen, Director, United Nations Environment Programme DTU Partnership "As always, the LACCF 2015 remains a unique platform to exchange experiences, best practices and innovative climate finance and policy solutions that can support the Latin America and Caribbean Region transitioning to a low carbon economy. With the new challenges ahead of achieving the required global ambition to address climate change, while also understanding the new financial flows in play, this is assuming an increasing importance. I want to recognize the support of the government of Chile and the different partners supporting this event."

Neeraj Prasad, Manager, Climate Change Group, World Bank Group "With the Paris climate summit approaching, the LACCF offered business professionals a valuable opportunity to debate how carbon pricing solutions can empower companies to offer bolder actions and greater investment. Latin America has a proud history of championing market­based solutions to climate change ­ and this Forum offered a vision for the next phase of market growth in the region."

Dirk Forrister, President and CEO of International Emissions Trading Association "It is important to build bridges between Latin American countries to harmonize policies, methodologies, and procedures to integrate the region into the migration to low­carbon and climate­resilient economies to ensure sustainable development. In that vein, CAF will support countries with the implementation of actions and projects arising from national contributions: in this regard, CAF manages today a green portfolio, which is 24% of its overall portfolio, and intended to be 30 % by 2020. Additionally, it is important to analyze the development of regional carbon markets, that take into account the lessons learned in the carbon markets operating in China, Europe and the USA, where countries can play a dual role of buyers and sellers, which will help to ease the way countries can make their contributions."

Ligia Castro, Head of Environment and Climate Change of the CAF, Development Bank of Latin America "The Latin American Carbon Forum has proved again, in this 9th​ ​ edition, to be an excellent platform for exchanging lessons on climate activities among different stakeholders. It is important to demonstrate that climate investments are under implementation and that the LAC governments are taking the leadership on climate commitments."

Luis Estanislao Echebarria, Representative Inter­American Development Bank, Chile "In Latin America and the Caribbean, the electricity supply covers more than 90% of the region, the energy matrix has an important component of renewable energy that surpasses the world’s average, it also has a great potential of renewable sources, and CO2 emissions, although not as significantly as in other regions of the world, have been increasing in recent years. That is why OLADE has been increasing its activities in the region to support countries in their policies to protect the environment by promoting a series of measures to mitigate and adapt the energy sector to

Green Climate Fund approves first 8 investments Board gears up to larger scale projects in the near future

(Livingstone, Zambia, 6 November 2015) – The Green Climate Fund Board today approved USD 168 million of GCF funding for projects and programmes worth USD 624 million, marking the end of its launch phase and kick­starting the flow of climate finance through the Fund to developing countries. The activities supported by the Board will generate up to USD 1.3 billion in investments over the coming five years.

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The Board, meeting in Zambia this week, has approved an initial batch of projects, covering mitigation and adaptation measures. The projects include three in Africa, three in Asia­Pacific, and two in Latin America.

The partnering entities for the projects include national, regional, and international bodies accredited to the Fund, from both the public and private sectors.

The eight projects approved are:

1. Building Resilience of Wetlands in the Province of Datem del Marañón in Peru, with Profananpe (GCF funding: USD 6.2 million) 2. Scaling Up the Use of Modernized Climate Information and Early Warning Systems in Malawi, with UNDP (GCF funding: USD 12.3 million) 3. Increasing the Resilience of Ecosystems and Communities through the Restoration of the Productive Bases of Salinized Lands, in Senegal, with CSE (GCF funding: USD 7.6 million) 4. Climate Resilient Infrastructure Mainstreaming in Bangladesh, with KfW (GCF funding: USD 40 million) 5. KawiSafi Ventures Fund in Eastern Africa, with Acumen (GCF funding: USD 25 million) 6. Energy Efficiency Green Bond in Latin America and the Caribbean, with IDB (GCF allocation: USD 217 million) 7. Supporting Vulnerable Communities to Manage Climate Change Induced Water Shortages, in Maldives, with UNDP (GCF funding: 23.6 million) 8. Urban Water Supply and Wastewater Management in Fiji, with ADB (GCF funding: USD 31 million)

“Approving these first projects is an important milestone, particularly for GCF’s partnering entities and beneficiaries,” stated Gabriel Quijandria Acosta, Co­Chair of the Board. “This first review of projects has been an enriching experience for the Board. It has allowed us to reflect on the areas that need to be further enhanced to speed up support to countries that are already experiencing the devastating impacts of climate change.”

“The approved projects showcase the transformative impacts that GCF has been designed to deliver,” added Board Co­Chair Henrik Harboe. “We have some innovative projects which have all satisfied our rigorous review process, including the assessment by the independent Technical Advisory Panel,” Harboe said. “The Fund is now truly up and running, and I am confident the Board will go on to scale and fund much bigger projects in the near future, living up to our ambition with the Fund.”

The Board also agreed to allocate up to USD 195 million to the future phases of the Energy Efficiency Green Bond Programme in Latin America and the Caribbean, further mobilizing an estimated USD 630 million in private investments.

“The energy efficiency green bond is innovative. It demonstrates how capital markets can move mainstream institutional funds into energy efficiency,” said Samy Ben­Jaafar, Director of GCF’s Private Sector Facility. “If replicated, this approach could unlock the capital necessary to address global financing shortfalls in energy efficiency,” he explained.

The Intergovernmental Panel on Climate Change (IPCC) has repeatedly identified the financing shortfall in energy efficiency as being the greatest gap in global climate finance.

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The Green Climate Fund has completed the final element of the ambitious work programme targeted by the Board and has now moved to full operation by making its first funding decisions ahead of the UNFCCC Paris climate conference.

With climate finance being a critical element of global climate talks, the approval of the first project proposals marks a major trust­building measure between developing and developed countries. Countries have called for GCF funding to be delivered at scale to finance their Intended Nationally Determined Contribution (INDC) objectives.

“We have come a long way to build the Green Climate Fund capacity completely from scratch over the last two years,” said Héla Cheikhrouhou, Executive Director of the Fund. “I am delighted that we have reached all of the objectives set by the Board for this year, culminating in approving the first full funding applications,” she explained. “There are many more projects under development in GCF’s pipeline, and we are at last starting to deliver on our mission to advance the global response to climate change.”

The Board also welcomed several new members and elected two new Co­Chairs, Mr. Ewen McDonald (Australia) and Mr. Zaheer Fakir (South Africa), for the forthcoming year.

The 12th meeting of the GCF Board will take place in the week of 7 March 2016 at GCF Headquarters in Songdo, Republic of Korea.

The Green Climate Fund, which was set up by 194 governments party to the UN Framework Convention on Climate Change (UNFCCC), was given the mandate to help keep the planet’s atmospheric temperature rise below 2 degrees Celsius. The Fund received pledges of approximately USD 10 billion equivalent in 2014, of which more than half have been signed into contribution agreements. It has now started to invest its resources to support developing countries' transition to climate­resilient and low­emission development, enabling the achievement of the United Nations Sustainable Development Goals (SDGs).

'The world is finally producing renewable energy at an industrial scale'

Renewables are finally becoming a globally significant source of power, according to a United Nations Environment Programme ​ report released in March​

by Frankfurt School UNEP Centre and Bloomberg New Energy Finance.

Driven by rapid expansion in developing countries, new installations of carbon­free renewable power plants in 2014 surpassed 100,000 megawatts of capacity for the first time, according to the Global Trends in Renewable ​ Energy​ Investment report. It appears that renewable energy is now entering the market at a scale that is relevant in energy industry terms – and at a price that is competitive with fossil fuels.

The numbers are compelling. ​ Renewables​ such as wind, solar and biomass generated an estimated 9.1% of the world’s electricity in 2014, up from 8.5% in 2013, according to the report. These sources made up the majority of new power capacity in Europe, and also brought electricity to new markets.

They also caught the eyes of investors: in 2014, energy investment in rose 17% over the previous year, surging to $270bn, according to the report.

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Conventional wisdom meets unconventional growth Some experts still predict​ that fossil fuels will supply the majority of our energy for decades to come, but the evidence strongly points in another direction. As the Global Trends report points out, the clean energy investment that funded almost half of all new power plants in 2014 came at what would, seemingly, be a very bad time for renewables. While oil prices were rapidly falling and China’s coal consumption was decreasing, both commodities were, if anything, more economically viable.

But at the same time, renewables appear to be increasing rather than decreasing in competitiveness. For example, a large­scale solar plant in Dubai has recently bid to provide electricity at less than $0.06 per kilowatt­hour. To put this in context, this is less than what the ​ vast majority of consumers​ around the world pay to keep the lights on. It’s a third of the cost of electricity in Africa. Grid parity for solar is already available in many countries; in others, it’s just around the corner.

Norway to double its contribution to GCF Norwegian Prime Minister Erna Solberg has announced plans to scale up Norway’s commitments to the Green Climate Fund.

Norway already pledged USD 258 million to the Fund last year as part of the initial resource mobilization and has now promised to double that figure by 2020, provided that GCF can finance verified emissions reductions in deforestation and forest degradation.

Speaking at the Paris climate conference, Prime Minister Solberg stressed the importance of climate finance and Norway’s support for the Fund.

"The Green Climate Fund is now ready for business. I am pleased to announce today that Norway will significantly increase its contributions. If the Fund secures verified emission reductions from deforestation and forest degradation in developing countries, we will double our contribution by 2020," she stated.

Børge Brende, the Foreign Minister of Norway, also reinforced his country's support for GCF.

He emphasized the role of the Fund in adaptation projects, stating, “The Green Climate Fund will reduce developing countries’ vulnerability to climate change. Investments in adaptation to climate change are investments in development.”

GCF opened its initial resource mobilization in October 2014, rapidly reaching USD 10 billion equivalent by the end of the year.

The Fund remains open for contributions during its initial resource mobilization period and accepts them on an ongoing basis.

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A number of climate funding announcements by developed country governments, multilateral development banks and multilateral climate funds have been made in the run­up to and at the COP 21 UN climate change conference.

The secretariat of the UN Framework Convention on Climate Change (UNFCCC) has compiled the list below from public sources and produced an ​ interactive user graphic​ to show the essential details of each.

Parties or partners who see a key announcement missing from the graphic, please send your suggestion to Mr David Abbass at the UNFCCC secretariat: DAbbass@unfccc.int.

Announcements by Developed Country Parties ● ● ● ●

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Austria will strive to provide at least EUR half a billion in climate finance between 2015 and 2020, in addition to the current Austrian pledge to the GCF. Belgium announced at the Leaders Event a commitment to provide EUR 50 million annually until 2020, and recalled its EUR 51.6 million contribution to the Green Climate Fund.

Canada will provide CAD 2.65 billion over the next five years in international climate finance to support a transition to low­carbon economies that are both sustainable and more resilient. ​ The Czech Republic recalls its announcement to contribute approximately USD 5.3 million to the GCF for the initial replenishment period and additional approximately USD 2 million for the climate finance readiness activities.

Denmark announced that it would commit DKK 270 million (approximately USD 38 million) in earmarked climate finance in 2016, including DKK 156 million to the Least Developed Countries Fund (approximately USD 22 million) (subject to parliamentary approval).

Estonia has announced its intention to provide EUR 6 million between 2015 and 2020 for climate finance; from that EUR 1 million has already been pledged to the Green Climate Fund.

European Commission announced its intention to more than double climate finance grants from the EU budget up to 2020, reaching EUR 2 billion per year on average.

Finland intends to provide over EUR half a billion in new investment funding for developing countries over the next four years, a substantial part of which will contribute to climate finance.

France announced that it would, by 2020, (i) increase annual climate finance from current EUR 3 billion level to more than EUR 5 billion; and (ii) within this target, triple its annual adaptation finance to reach 1bn EUR by 2020.

Hungary has pledged HUF 1 billion (approximately USD 3.5 million) from 2016 to latest 2020 for international climate finance projects on a multilateral and bilateral basis, which is in addition to its July 2015 pledge to the GCF of HUF 1 billion.

Germany recalled that it aimed at doubling its international climate finance by 2020 compared to 2014.

Iceland will strive to provide around USD 10 million annually to climate related development efforts.

Focus will be placed on geothermal development, sustainable land and ocean management, as well as gender equality in climate action.

Ireland will continue public funding ensuring EUR 175 million in climate finance over the period 2016 to 2020 mainly for adaptation and will increase our contribution to the Least Developed Countries

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Fund. Furthermore Ireland will commence contributions to the GCF in 2016, and is exploring avenues for mobilizing private climate finance.

Italy announced that it will increase its support for international climate finance reaching at least USD 4 billion between 2015­2020.

Japan announced that it would provide, in 2020, Yen 1.3 trillion of public and private climate finance, 1.3 times up from the current level, to developing countries.

Lithuania will continue to finance the implementation of official development cooperation projects by mobilizing additional private sector investments for transfer of the Lithuanian renewable energy and other technologies and pledge EUR 100 000 to Green Climate Fund in 2015.

Luxembourg reiterated that its climate finance contribution would reach the cumulative amount of EUR 365 million over the 2014­2020 period, which would include EUR 245 million of climate­related ODA and an additional EUR 120 million for international climate finance.

The Netherlands reiterated that it will increase its climate finance to EUR 440 million in 2015 and another 20 per cent in 2016 to EUR 550 million.

New Zealand announced it will provide up to NZD 200 million for climate­related support over the next four years, the majority of which will benefit Pacific nations. This builds on the NZD 65 million New Zealand has already spent over the last three years to help Pacific Nations secure reliable and clean energy.

Norway has announced its intent to maintain its finance for REDD+ on at least today's levels until 2020, which amounts to approximately USD 400 million per year. Norway intends to remain a major contributor of climate finance in the years to come.

Poland has announced its intention to provide USD 8 million until 2020 for climate finance, including for Green Climate Fund.

The three regions that make up Belgium have pledged EUR 11 million in new and additional funds to the Green Climate Fund: Wallonia will contribute EUR 7 million annually, Flanders will contribute EUR 3.5 million, and the Brussels Capital Region will contribute EUR 500,000.

Slovenia announced its intention to increase its climate finance support by 50 per cent in 2016 compared to previous levels and will strive to maintain this level until 2020.

Sweden announced its intention to nearly double multilateral climate support in 2016 compared to 2015.

Spain announced it aims at doubling its international climate finance by 2020 compared to 2014, by mobilizing an amount of EUR 900 million by 2020.

The United Kingdom recalled that it would increase support for international climate finance by at least 50 per cent, providing at least GBP 5.8 billion between 2016­2021, aiming to spend half on adaptation.

The United States of America announced it will double its grant­based investment in support of vulnerable countries to more than USD 800 million annually by 2020 – through bilateral and multilateral channels – to reduce climate risks in key areas, including infrastructure, agriculture, health and water services.

Announcements by Multilateral Development Banks ● ●

The African Development Bank announced that it would triple its climate financing to reach nearly USD 5 billion annually by 2020.

The Asian Development Bank announced that it would more than double its annual climate financing, up to USD 6 billion by 2020. USD 4 billion will be for mitigation, USD 2 billion for adaptation.

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The European Bank for Reconstruction and Development indicated that it would increase the share of environment/climate financing from 25­40 percent of annual commitments by 2020; this will provide USD 20 billion over the next five years, versus USD 20 billion over the last ten years.

The European Investment Bank will finance USD 20 billion a year globally for the next five years under its recently announced climate strategy commitments, a total of USD 100 billion, equal to at least 25 percent of its overall lending for the period. In order to strengthen the impact of EIB's financing, notably in developing countries, the EIB aims to increase its lending for climate action in those countries to 35 percent of total lending by 2020.

The Inter­American Development Bank announced its aim to double the volume of its climate finance by 2020, provided support of its Governors, this would mean increasing from an average of 14 percent of annual commitments over the last three years to 25­30 percent average commitment by 2020.

The World Bank Group, provided support of its Governors, pledged a one­third increase in climate financing, from 21­28 percent of annual commitments by 2020. If financial capacity were maintained at today’s level in real terms, this means reaching USD 16 billion a year in public finance. The Bank Group intends to continue leveraging its current levels of co­financing for climate­related projects, which could mean up to an additional USD 13 billion a year in 2020. The direct financing and leveraged co­financing together represent an estimated USD 29 billion.

Time to Better Back Local Communities In remarks to the Eighth International Conference on Community­Based Adaptation in Kathmandu, Nepal, UNFCCC Executive Secretary Christiana Figueres speaks about how public and private finance, alongside government policy, can build resilience to climate change and put communities on a low­carbon pathway.

From the speech: Your efforts and accomplishments resonate far beyond your settlements, farms, villages and towns.

Because what you are doing within your communities is also assisting your nations and regions – and indeed the world at large – to rediscover old ways while finding new and inspiring pathways to move forward to the ultimate goal of a sustainable century.

Ways and pathways that can assist everyone everywhere live and prosper in a rapidly changing globe full of challenges but rich also in opportunities for generations to come.

UN Climate Summit: Ban Ki­moon Final Summary

At the end of the Climate Summit in New York, UN Secretary General Ban Ki­moon summarised the outcome. He told the assembled leaders: This was a great day!

His full summary of the outcomes of the summit follows: The purpose of the 2014 Climate Summit was to raise political momentum for a meaningful universal climate agreement in Paris in 2015 and to galvanize transformative action in all countries to reduce emissions and build resilience to the adverse impacts of climate change.

I asked leaders from government, business, finance and civil society to crystallize a global vision for low­carbon economic growth and to advance climate action on five fronts: cutting emissions; mobilizing money and markets; pricing carbon; strengthening resilience; and mobilizing new coalitions.

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An unprecedented number of world leaders attended the Summit, including 100 Heads of State and Government. They were joined by more than 800 leaders from business, finance and civil society. This Summary details their most significant announcements.

Convergence on a Long­Term Vision A comprehensive global vision on climate change emerged from the statements of leaders at the Summit: ● World leaders agreed that climate change is a defining issue of our time and that bold action is needed today to reduce emissions and build resilience and that they would lead this effort. ● Leaders acknowledged that climate action should be undertaken within the context of efforts to eradicate extreme poverty and promote sustainable development. ● Leaders committed to limit global temperature rise to less than 2 degrees Celsius from pre­industrial levels. ● Many leaders called for all countries to take national actions consistent with a less than 2 degree pathway and a number of countries committed to doing so. ● Leaders committed to finalise a meaningful, universal new agreement under the United Nations Framework Convention on Climate Change (UNFCCC) at COP­21, in Paris in 2015, and to arrive at the first draft of such an agreement at COP­20 in Lima, in December 2014. ● Leaders concurred that the new agreement should be effective, durable and comprehensive and that it should balance support for mitigation and adaptation. ● Many underlined the importance of addressing loss and damage. ● Many leaders affirmed their commitment to submit their Intended Nationally Determined Contributions (INDCs) for the new agreement in the first quarter of 2015. ● Many leaders reaffirmed the objectives and principles of the UNFCCC, including the principles of equity and common but differentiated responsibilities. In addition, others highlighted that the global effort to meet the climate challenge should reflect evolving realities and circumstances.

Cutting Emissions Without significant cuts in emissions by all countries, and in key sectors, the window of opportunity to stay within less than 2 degrees will soon close forever: ● Many leaders, from all regions and all levels of economic development advocated for a peak in greenhouse gas emissions before 2020, dramatically reduced emissions thereafter, and climate neutrality in the second half of the century. ● European Union countries committed to a target of reducing emissions to 40 per cent below 1990 levels by 2030. ● Leaders from more than 40 countries, 30 cities and dozens of corporations launched ​ large­scale commitment​ to double the rate of global energy efficiency by 2030 through vehicle fuel efficiency, lighting, appliances, buildings and district energy. ● The ​ New York Declaration on Forests​ , launched and supported by more than 150 partners, including 28 government, 8 subnational governments, 35 companies, 16 indigenous peoples groups, and 45 NGO and civil society groups, aims to halve the loss of natural forests globally by 2030. ● Twenty­four leading global producers of palm oil as well as commodities traders committed to contribute to the​ goal of zero net deforestation by 2020​ and to work with Governments, private sector partners and indigenous peoples to ensure a sustainable supply chain. ● The transport sector brought ​ substantial emissions reduction commitments​ linked to trains, public transportation, freight, aviation and electric cars.

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Some of the world’s largest retailers of meat and agricultural products committed to adapt their supply chains to reduce emissions and build resilience to climate change. They will assist​ 500 million farmers​ in the process.

Moving markets and mobilizing money Moving markets across a wide range of sectors is essential for transforming economies at scale. Mobilizing sufficient public and private funds for low carbon, climate resilient growth is essential to keep within a less than 2 degree Celsius pathway: ● A new coalition of governments, business, finance, multilateral development banks and civil society leaders announced their intent to ​ mobilise over $200 billion​ for financing low­carbon and climate­resilient development. ● Countries strongly reaffirmed their support for mobilising public and private finance to meet the $100 billion dollar goal per annum by 2020. ● Leaders expressed strong support for the Green Climate Fund and many called for the Fund's initial capitalization at an amount no less than $10 billion. There was a total of $2.3 billion in pledges to the Fund's initial capitalization from six countries. Six others committed to allocate contributions by November 2014. ● The European Union committed $3 billion for mitigation efforts in developing countries between 2014 and 2020. ● The International Development Finance Club (IDFC) announced that it is on track to increase direct green/climate financing to $100 billion a year for new climate finance activities by the end of 2015. ● Significant new announcements were made on support for South­South cooperation on climate change. ● Leaders from private finance called for the creation of an enabling environment to undertake the required investments in low­carbon climate resilient growth. They announced the following commitments: ● Leading commercial banks announced their plans to issue $30 billion of Green Bonds by 2015, and announced their intention to increase the amount placed in climate­smart development to 10 times the current amount by 2020. ● A coalition of institutional investors, committed to decarbonizing $100 billion by December 2015 and to measure and disclose the carbon footprint of at least $500 billion in investments. ● The insurance industry committed to double its green investments to $84 billion by the end of 2015. ● Three major pension funds from North America and Europe announced plans to accelerate their investments in low­carbon investments across asset classes up to more than $31 billion by 2020.

Pricing carbon Putting a price on carbon will provide markets with the policy signals needed to invest in climate solutions. ● Seventy­three national Governments, 11 regional governments and more than 1,000 businesses and investors signalled their ​ support for pricing carbon​ . Together these leaders represent 52 per cent of global GDP, 54 per cent of global greenhouse gas emissions and almost half of the world’s population. ● Some leaders agreed to join a new Carbon Pricing Leadership Coalition to drive action aimed at strengthening carbon pricing policies and redirecting investment ● More than 30 leading companies announced their alignment with the ​ Caring for Climate Business Leadership Criteria​ on Carbon Pricing.

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Strengthening resilience Strengthening both climate and financial resilience is a smart investment in a safer, more prosperous future. ● A variety of ​ innovative resilience initiatives​ were announced at the Summit, including many that will strengthen countries and communities on the climate front lines. These include an initiative to provide user­friendly “news you can use” climate information for countries around the world. ● Leaders agreed to strengthen and scale up the risk financing mechanisms for Africa and the Caribbean. ● The African Risk Capacity announced an expansion of its services and coverage, including the introduction of Catastrophe Bonds. ● An initiative to integrate climate risk into the financial system by 2020 was launched by a coalition of investors, credit ratings agencies, insurers and financial regulators in response to the growing number of extreme weather events. ● Leaders from the insurance industry, representing $30 trillion in assets and investments committed to creating a Climate Risk Investment Framework by Paris in 2015.

Mobilizing New Coalitions Governments, business and civil society are creating the coalitions needed to meet the full scope of climate challenge. ● Leaders welcomed multilateral and multi­stakeholder actions between Governments, finance, the private sector, and civil society to address emissions in critical sectors and support adaptation and resilience, especially in ​ Small Island Developing States​ , Africa and the Least Developed Countries. ● Leaders from 19 countries and 32 partners from Government, regional organisations, development institutions and private investors committed to creating an 8,000 kilometre­long ​ African Clean Energy Corridor​ . ● The Global Alliance for Climate­Smart Agriculture, comprised of 16 countries and 37 organisations, was launched to enable 500 million farmers worldwide to practice climate­smart agriculture by 2030. ● Leaders of the oil and gas industry, along with national Governments and civil society organisations, made an historic commitment to ​ identify and reduce methane emissions ​ by 2020. A second industry­led initiative was launched by leading producers of petroleum who committed to address methane as well as other key climate challenges, followed by regular reporting on ongoing efforts.

Industry leaders and Governments also committed to reduce HFCs in refrigeration and food storage ● A new ​ Global Mayors Compact​ , representing well over 2,000 cities pledged new commitments on climate action supported by new funding from public and private sources ­­ 228 cities have voluntary targets and strategies for greenhouse gas reductions, that could avoid up to 2.1 gigatonnes of greenhouse gas emissions per year. ● A new coalition of more than 160 institutions and local Governments and more than 500 individuals committed to divesting​ $50 billion from fossil fuel investments within the next three­five years and reinvest in new energy sources. ● Panels comprised of eminent global leaders, policy experts and citizen activists discussed the need for, and multiple benefits of, accelerated climate action. Panellists focussed on the need for science­based decision making; strengthening economic performance while cutting emissions, generating jobs and enhancing resilience; pricing and reducing pollution for improved health; mobilizing new coalitions to help move markets; and ensuring that the most affected are at the centre of the global response to climate change.

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The Way Forward to Lima, Paris and beyond I thank all the leaders from Government, business, finance and civil society who came to New York with ambition and commitment. ● If we want the vision laid out by leaders from Government, finance, business, and civil society throughout the day, we must fulfil and expand on all the pledges and initiatives announced today. ● We must maintain the spirit of commitment and action that characterized the Summit. ● As we look forward to Lima, later this year, and Paris in December 2015, let us look back on today as the day when we decided – as a human family – to put our house in order to make it sustainable, safe and prosperous for future generations. ● Today’s Summit has shown that we can rise to the climate challenge.

UN Climate Summit: Cities Results A global Compact of Mayors which brought together well over two thousands cities, including over 200 cities with specific targets and strategies for greenhouse gas reductions, was launched at today’s Climate Summit. Those cities with voluntary commitments are well on their way to reduce emissions by 454 Megatons by 2020.

The Compact, as well as other announcements including a City Climate Finance Leadership Alliance and a City Creditworthiness Partnership will help cities expand their commitments to curb greenhouse gases.

The world’s cities have the potential to reduce annual greenhouse gas emissions by 8 gigatons annually in 2050, according to research recently unveiled by the UN Secretary General’s Special Envoy for Cities and Climate Change Michael Bloomberg. This reduction is the equivalent of 50 per cent of global coal use.

From Rio to Seoul, mayors are already making great progress in fighting climate change and preparing their cities for its devastating impacts,” said Rio de Janeiro Mayor Eduardo Paes, who chairs the C40 Cities coalition.

Sixty per cent of the world’s population will live in cities by 2030 and that figure increases to 70 per cent by 2050.

Key partners of the Compact of Mayors include the ​ C40​ Cities Climate Leadership Group,​ ICLEI ­Local Governments for Sustainability, and the ​ United Cities and Local Governments​ . Special Envoy Bloomberg said: Now is the time for nations to partner with cities as they create more ambitious climate targets over the next year, both to help the world avoid the worst im pacts of climate change and to benefit millions of people.

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Cities Climate Registry National governments, including China, Germany and the US, also announced commitments to scale up city climate resilience efforts, energy efficiency programs and low­carbon and resilient financing mechanisms. For example, the​ carbonn Climate Registry​ , the designated central repository of the Compact of Mayors, serves as a platform for city climate data that can be used by cities, national governments and international climate mechanisms worldwide. Seoul Mayor Park Won­soon said: Today’s announcements, including the Compact of Mayors and its standardized reporting process and public data portal, came out of an unprecedented collaboration among city networks.

City Climate Finance Leadership Alliance About 20 public and private sector partners united to launch the City Climate Finance Leadership Alliance to stimulate investments in low­carbon and climate­resistant infrastructure in cities in low­and middle­income countries. This alliance aims to stimulate public and private investment to generate the trillions of dollars needed each year for climate­smart infrastructure.

The Alliance partners include the World Bank, UN­Habitat, Bank of America, Bank of West Africa, Japan International Cooperation Agency and the Agence Française de Développement, the French Agency for Development.

City Creditworthiness Partnership To accelerate investments in climate­smart urban infrastructure, the C40 Cities Climate Leadership Group, Bloomberg Philanthropies and the World Bank are uniting to help 300 cities strengthen their creditworthiness and attract investors.

This new coalition builds on work led by the World Bank to help cities improve their financial management, which ultimately will boost their access to private capital. The Partnership will scale­up training and follow­up technical assistance for cities as it provides support to carry out transactions.

Compact of States and Regions Leading global, state and regional government networks, representing more than 75 regional governments in 35 countries, have joined forces to announce the Compact of States and Regions. The ​ Climate Group​ ,​ nrg4SD​ , and​ R20​ have committed to provide an annual account of the climate commitments made by governments around the world and report their progress.

The Compact will support international climate discussions by providing a clear picture of the overall contribution of state and regional governments as well as standardized data to compare state and regional efforts in different parts of the world.

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Joint Statement

Joint statement issued on behalf of the French Government: The Africa Renewable Energy Initiative commits to accelerating access to renewable energy in Africa and developing countries in other regions with a view to reducing energy poverty and mobilizing substantial financial resources from private investors, development finance institutions and multilateral development banks by 2020 building on existing work and initiatives.

We reiterate the expression of support to the Africa Renewable Energy Initiative from G7 Leaders in June 2015 and G20 energy ministers in Istanbul in October 2015. We will work to promote synergies between the G20 Energy Access Action Plan and the Africa Renewable Energy Initiative.

We support Africa’s leadership and commit to working closely with African partners to bridge the access gap and develop Africa’s renewable energy potential. In this context we welcome the Africa Renewable Energy Initiative as a transformative, Africa­owned and led inclusive effort to accelerate and scale­up the harnessing of the continent’s renewable energy potential. Endorsed by the African Union and African Heads of State and Government on Climate Change (CAHOSCC), the Initiative aims to achieve at least 10 GW of new and additional renewable energy generation capacity by 2020, and acknowledges the renewable resource potential in Africa, which the IRENA Africa REmap 2030 estimates as sufficient to generate at least 300 GW by 2030.

We support this African initiative through a variety of mechanisms and settings and endorse its aim of strengthening coordination with existing initiatives and identifying where further work is needed to develop renewable energy in Africa. These existing initiatives include SE4ALL, Power Africa initiative, U.S. Africa Clean Energy Finance initiative, Africa­EU Energy Partnership, the UK’s Energy Africa campaign, AfDB flagship programmes, the IRENA Africa Clean Energy Corridors, the EU’s Electrification Financing Initiative (ElectriFi) and Technical Assistance Facility, and other bilateral, regional and global programs and initiatives, including by the Global Innovation Lab for Climate Finance. We will work to mobilize existing financial institutions, including the Green Climate Fund, and improve the enabling environment for private investments in climate technologies, project development capacity, and regulatory framework and sector policies.

Developed countries jointly committed to a goal of mobilizing jointly 100 billion USD a year by 2020 from a ​ wide variety sources, in the context of meaningful mitigation actions and transparency on implementation.

We welcome the significant financial commitments that have already been made by a number of countries to accelerate efforts to harness Africa’s renewable energy potential and expand energy access across the continent, and we commit to mobilizing at least 10 billion USD cumulatively from 2015 to 2020.

We welcome the contributions from countries interested in helping Africa harness its renewable energy potential and improve access to sustainable energy for all.

We welcome the efforts undertaken by the AMCEN and AfDB to facilitate that all partners pursue the objectives of the Africa Renewable Energy Initiative.

UN Secretary­General Announces “Climate Action 2016” Partnership On Action Day at the 21st​ ​ Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in Paris, UN Secretary­General Ban Ki­moon announced that a broad group of organizations would partner in 2016 to maintain momentum for multi­stakeholder climate implementation.

The Secretary­General said: “I am heartened by the significant and growing coalitions that are emerging to tackle the challenges of climate change and realize new opportunities. I am pleased to be joined by so many key partners to scale climate action efforts and make them sustainable.”

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The Secretary­General, joined by the World Bank; the Global Environment Facility; the Compact of Mayors and Michael Bloomberg, the UN Secretary­General’s Special Envoy for Cities and Climate Change; the World Business Council for Sustainable Development; We Mean Business; and the University of Maryland, will co­sponsor a “Climate Action 2016” summit of leaders from government, business, cities and localities, civil society and academia on May 5–6 in Washington, D.C. This high­level gathering will complement ongoing implementation efforts and catalyze actionable, concrete deliverables in specific high­value areas, including: cities; land use; resilience; energy; transport; tools for decision makers; and finance.

Africa Carbon Forum: Climate Change Threatens to Undo Decades of Effort to Develop Africa

This was the message delivered to about 400 participants at the 6th​ ​ Africa Carbon Forum, gathered to share and learn the latest about market and financial opportunities associated with the international response to climate change.

“Climate change will force a steep ramping up of investment in Africa from both public and private sources to move the continent along a clean, secure, low­carbon path to development,” said Hugh Sealy, Chair of the Executive Board of the Clean Development Mechanism (CDM). “It’s crucial that the market and funding mechanisms on offer are right for Africa, and likewise that African governments provide a welcoming, reliable environment for investment.”The forum was opened by the Minister of Environment and Natural Resources of Namibia, Hon. Uaheka Herunga, who stressed that the question now is not whether carbon markets will continue, but how they can be improved, and whether new mechanisms should be developed.

In the context of the 2015 Paris agreement, the Minister urged participants to: “Send a strong message to governments around the world that the carbon market can make an important contribution to the objective of managing the challenge posed by climate change.”

Countries are committed to crafting a comprehensive climate change agreement by the end of 2015 in Paris, to take effect in 2020. A big part of any agreement will have to address ways to mobilize the estimated USD100 billion annually needed to mitigate climate change and adapt to its inevitable effects.

“The private sector and governments in Africa need to speak up now, loud and clear, to make sure an effective, ambitious agreement is reached in Paris, and to make sure that the market and funding instruments now taking shape are fit for Africa’s purpose,” said Dr. Sealy.

Participants in this year’s event considered, in addition to the CDM, a range of ways that countries and multilateral development banks intend to target their climate change investments, such as through approved Nationally Appropriate Mitigation Actions and through funds like the World Bank’s Carbon Initiative for Development, which uses the CDM’s monitoring, reporting and verification features to ensure results from energy­access projects in least developed countries.

The Africa Carbon Forum, which was preceded by a two­day training session of African CDM designated national authorities, was organized under the umbrella of the Nairobi Framework. Launched in 2006 by then UN Secretary­General Kofi Annan, the Nairobi Framework aims to assist developing countries, especially those in sub­Saharan Africa, to improve their level of participation in the CDM. The Framework partners are the UNFCCC, the United Nations Environment Programme (UNEP) along with the UNEP Risoe Centre, the International Emissions Trading Association (IETA), the United Nations Development Programme (UNDP), the World Bank and the African Development Bank (AfDB).

About the CDM

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The Clean Development Mechanism allows emission­reduction projects in developing countries to earn certified emission reductions (CERs), each equivalent to one tonne of CO2. CERs can be traded and sold, and used by industrialized countries to meet a part of their emission reduction targets under the Kyoto Protocol. With more than 7,500 registered projects and more than 250 registered programmes of activities in 105 developing countries, the CDM has proven to be a powerful mechanism to deliver finance for emission­reduction projects and contribute to sustainable development.

Negotiations Towards a New Climate Agreement Resume

The final round of formal negotiations before the UN climate convention conference in Lima, Peru has begun in the German city of Bonn.

The ‘October session’, running from 20 to 25 October, gives governments the important opportunity to further develop a cohesive text of a new draft climate agreement. The elements must be clear by the Climate Change Conference to be held in Lima, Peru, in December this year. This clarity will serve as the foundation for the construction of the negotiating text.

During 2015 this draft will form the basis for negotiating a new universal climate agreement set to be inked in Paris, France at the end of the year. As part of this, governments will work towards getting clarity on what each country will contribute towards the agreement in line with its national circumstances, especially in terms of emission reductions. Governments had previously agreed to keep global temperature increases below 2C. Countries are set to put forward what they intend to contribute to the 2015 agreement in the form of Intended Nationally Determined Contributions (INDCs) early next year. The ‘what’ and the ‘how’ of the contributions, in other words the form, not the content, needs to be formally agreed in Lima to ensure that countries can provide this crucial information with confidence early next year.

At the opening of the session, Mr. Manuel Pulgar­Vidal, Minister of State for Environment, Peru and COP 20/CMP 10 President­Designate addressed delegates and encouraged them to work constructively to prepare the substantive outcomes that will be considered at the UN Climate Change Conference to be held in Lima, Peru in December 2014. He said: I am convinced that our positions have come closer and continue to do so since the beginning of this year.

Therefore it is very important that during this week we hold meetings and consult widely among countries and groups, with the aim of having substantive results especially because this is our last opportunity before Lima. So let’s move this discussion this week into solutions. Let’s move our words into hope. Let’s make things possible to show the world our responsibility.

Engaging on Two Special Themes The meeting, being held at the headquarters of the UN Framework Convention on Climate Change (UNFCCC), engages Parties on two special themes. These are carbon capture, storage and use, and the so called non­CO2 gases like methane and hydroflurocarbons (HFCs)—replacement gases in products like refrigerants that are friendly to the ozone layer but are powerful global warming gases.

The two topics bring government experts into direct dialogue with experts from United Nations agencies, NGOs and the private sector. They form part of a series of Technical Experts Meetings (TEMs) that have been held throughout 2014 which have previously covered policies able to raise ambition in fields from renewable energy and energy efficiency to urban and land use issues.

The aim of the TEMs process, part of the Ad Hoc Working Group on the Durban Platform for Enhanced Action (ADP), is to assist nations in their efforts to raise ambition up to 2020 when the new agreement is set to enter into effect. They have done this by fostering on­going engagement of governments, experts and actors in the implementation of government policies and they therefore have the potential to carry the growing momentum for climate action forward in a concrete, action­oriented manner.

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The TEMs fall squarely within the growing momentum for climate action as was witnessed at the recently concluded Summit on Climate Change by UN Secretary­General BAN Ki­moon.

Christiana Figueres, Executive Secretary of the UNFCCC, said: I welcome Parties to Bonn ... knowing that further progress towards a draft agreement will contribute to making Lima the success it needs to be. 2014 has been an extraordinary year of momentum by governments supported by climate action from cities and communities to corporations and the finance sector—our meeting next week will I am sure concretely carry forward that sense of optimism, dynamism and determination as we look forward to COP 20 in Peru in one month’s time.

Ban Ki­Moon Closing Address at COP21 Action Day Innovation, Imagination, Faster Climate Action

UN Secretary­General Ban Ki­moon gave the following address at the close of COP21 Action Day in Paris: "I thank President Hollande for convening this gathering, and for France’s engagement as one of the co­leaders of the Lima­Paris Action Agenda, along with Peru, the United Nations and the UNFCCC. I have been looking forward to Action Day because it is about the solutions we so urgently need. Today is about action by all sectors of society. It is about innovation and imagination; collaboration and partnership. It is about our collective future, and it is about hope.

Today, as never before, the stars are aligned in favour of strong, concerted action on climate change. The pace of climate action is quickening.

Governments, cities, the private sector, investors, and the public at large increasingly understand the grave risks posed by climate change.

They also see the tangible benefits to be gained by early action. These include economic growth, new markets, job creation, cleaner air and improved health.

Cities are reducing emissions and bolstering their resilience. Companies are investing in new, green technologies and scaling up use of renewable energy. Investors are scrutinizing fossil fuel investments, and insurers are beginning to integrate climate risk into their decision­making.

Last, and certainly not least, civil society is mobilizing as never before. Citizens, youth, indigenous peoples and faith leaders around the world are demanding action.

National governments are here in Paris seeking to adopt a new, universal climate change agreement. A meaningful agreement will set the international policy framework needed to scale up climate action by all sectors of society.

The Lima­Paris Action Agenda reflects many important initiatives occurring throughout the world. It showcases feasible and affordable climate solutions that demonstrate that the transition to a low­emissions, climate­resilient economy is under way.

I am pleased to see countries from the Global South developing new partnerships, and I encourage more South­South cooperation on climate change.

Strong climate action provides a powerful catalyst for global sustainable development. It is necessary for achieving the Sustainable Development Goals. Without climate action there can be no sustainable development.

The Lima­Paris Action Agenda is an integral part of the outcomes here in Paris. It will complement the new agreement and will continue to highlight the critical role of non­state actors transforming our societies.

Last year, I hosted a Climate Summit in New York. It gave birth to new multi­stakeholder partnerships and initiatives on forests, renewable energy, sustainable transport, resilience, finance and other areas critical for addressing climate change.

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All finance commitments made by the private sector at the UN Climate Summit are on track to being realized. Moreover, billions of additional dollars have been invested since the Summit to support low­carbon and climate­resilient investments in all parts of the world.

The Lima­Paris Action Agenda builds on this progress. Together, these initiatives are making an impact.

They demonstrate that we can reduce emissions, improve energy efficiency, build more sustainable cities, protect our forests and create a better future for all.

The benefits of technology and innovation can accelerate progress on sustainable development. I have appointed an Advisory Group of ten eminent individuals from civil society, the private sector and the scientific community to support the recently established Global Technology Facilitation Mechanism and its important work.

This week I also launched my resilience initiative.

I am committed to working with various partners on a range of multiple opportunities to scale up climate action. This will include a “Climate Action 2016” summit of leaders from government, business, cities, civil society and academia on May 5–6 next year in Washington, D.C. This high­level gathering will complement ongoing efforts and catalyze concrete deliverables in specific high­value areas, such as cities, land use, resilience, energy, transport, tools for decision makers, and finance.

These are the areas that will help make a difference as we work to implement the outcome of the climate conference here in Paris.

We need to rapidly expand and accelerate climate action at every level – from the local to the global. We must go further and we must go faster in line with what science requires to limit temperature rise to less than 2 degrees.

The United Nations system will continue to support climate action in partnership with all stakeholders.

I thank you for your leadership, vision and commitment to building a more prosperous, resilient and secure future for all."

Historic Paris Agreement on Climate Change 195 Nations Set Path to Keep Temperature Rise Well Below 2 Degrees Celsius

An historic agreement to combat climate change and unleash actions and investment towards a low carbon, resilient and sustainable future was agreed by 195 nations in Paris today.

The Paris Agreement for the first time brings all nations into a common cause based on their historic, current and future responsibilities.

The universal agreement’s main aim is to keep a global temperature rise this century well below 2 degrees Celsius and to drive efforts to limit the temperature increase even further to 1.5 degrees Celsius above pre­industrial levels.

The 1.5 degree Celsius limit is a significantly safer defense line against the worst impacts of a changing climate.

Additionally, the agreement aims to strengthen the ability to deal with the impacts of climate change.

To reach these ambitious and important goals, appropriate financial flows will be put in place, thus making stronger action by developing countries and the most vulnerable possible, in line with their own national objectives.

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“The Paris Agreement allows each delegation and group of countries to go back home with their heads held high. Our collective effort is worth more than the sum of our individual effort. Our responsibility to history is immense” said Laurent Fabius, President of the COP 21 UN Climate change conference and French Foreign Minister.

The minister, his emotion showing as delegates started to rise to their feet, brought the final gavel down on the agreement to open and sustained acclamation across the plenary hall.

French President Francois Hollande told the assembled delegates: “You’ve done it, reached an ambitious agreement, a binding agreement, a universal agreement. Never will I be able to express more gratitude to a conference. You can be proud to stand before your children and grandchildren.”

UN Secretary General Ban Ki­moon said: “We have entered a new era of global cooperation on one of the most complex issues ever to confront humanity. For the first time, every country in the world has pledged to curb emissions, strengthen resilience and join in common cause to take common climate action. This is a resounding success for multilateralism.”

Christiana Figueres, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), said: “One planet, one chance to get it right and we did it in Paris. We have made history together. It is an agreement of conviction. It is an agreement of solidarity with the most vulnerable. It is an agreement of long­term vision, for we have to turn this agreement into an engine of safe growth.”

“Successive generations will, I am sure, mark the 12 December 2015 as a date when cooperation, vision, responsibility, a shared humanity and a care for our world took centre stage,” she said.

India and France Launch International Solar Energy Alliance at COP21 ndia and France have launched an International Solar Alliance to boost solar energy in developing countries.

The initiative was launched at the UN Climate Change Conference in Paris on 30 November by Indian Prime Minister Narendera Modi and French President Francois Hollande.

The alliance includes around 120 countries that support the “Declaration on the occasion to launch the international solar alliance of countries dedicated to the promotion of solar energy”.

President Hollande acknowledged that developing countries need technology and capacity building to quickly take solar energy to scale, and that initial public financing is important for solar energy to take hold in developing countries.

Prime Minsiter Modi said that he was encouraged by the industry support show so far for solar energy and that The sun is the source of all energy. The world must turn to solar, the power of our future.

UN Secretary­General Ban Ki­moon, who attended the launch, said that the climate change agreement that will be concluded in Paris at COP21 must send a clear enough signal to investors to encourage the scaling up of solar and other renewable forms of energy and urged all the governments meeting in Paris to work in a spirit of cooperation and compromise to conclude an effective agreement.

The declaration is as follows: Declaration on the occasion to launch the international solar alliance of countries dedicated to the promotion of solar energy Recognizing that sustainable development, universal energy access, and energy security are critical to the shared prosperity and future of our planet, and acknowledging that clean and renewable energy needs to be made affordable for all, we do hereby declare our intention to support India’s proposal to

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launch an international solar alliance as a common platform for cooperation among solar resource rich countries lying fully or practically between the Tropics of Cancer and Capricorn.

United by a shared vision to bring clean, affordable and renewable energy within the reach of all, we affirm our intention to join the international solar alliance as founding members to ensure the promotion of green, clean and sustainable energy, and to draw on the beneficence of the Sun in this endeavor.

We share the collective ambition to undertake innovative and concerted efforts with a view to reducing the cost of finance and cost of technology for immediate deployment of competitive solar generation assets in all our countries and to pave the way for future solar generation, storage and good technologies adapted to our countries’’ individual needs.

United by our objective to significantly augment solar power generation in our countries, we intend making joint efforts through innovative policies, projects, programmes, capacity building measures and financial instruments to mobilize more than 1000 Billion US Dollars of investments that are needed by 2030 for the massive deployment of affordable solar energy. We recognize that the reduced cost of finance would enable us to undertake more ambitious solar energy programmes to bring development and prosperity for our people.

We intend working together towards the development of appropriate benchmarks, facilitating resource assessments, supporting research and development and demonstration facilities, with a view to encouraging innovative and affordable applications of solar technologies.

Desirous of establishing an international alliance of countries dedicated to the promotion of solar energy as an effective mechanism of cooperation, we agree to create an International Steering Committee, open to interested counties, to provide the necessary guidance, direction and advice to establish the international solar alliance.

UNEP Urges Increase in Adaptation Funding

Even With Emissions Cuts, Climate Change Adaptation Costs Likely to Hit 2­3 Times Current Estimates of $70­100 Billion per Year UNEP’s Adaptation Gap Report: New Finance Required to Avoid Significant Adaptation Funding Shortfall After 2020, Failure to Cut Emissions Will Dramatically Increase Costs

Lima, Peru, 5 December 2014 – Even if global greenhouse gas emissions are cut to the level required to keep global temperature rise below 2°C this century, the cost of adapting to climate change in developing countries is likely to reach two to three times the previous estimates of $70­100 billion per year by 2050, according to a new United Nations Environment Programme (UNEP) report.

Released during a crucial round of climate talks in Lima, Peru, the first UNEPAdaptation Gap Report serves as a preliminary assessment of global adaptation gaps in finance, technology and knowledge, and lays out a framework for future work on better defining and bridging these gaps.

The report finds that, despite adaptation funding by public sources reaching $23­26 billion in 2012­2013, there will be a significant funding gap after 2020 unless new and additional finance for adaptation is made available.

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Without further action on cutting greenhouse gas emissions, as outlined in UNEP’s Emissions Gap Report 2014, the cost of adaptation will soar even further as wider and more­expensive action is needed to protect communities from the intensifying impacts of climate change such as drought, floods and rising sea levels.

“As world leaders meet in Lima to take the critical next step in realizing a global agreement on climate change, this report underlines the importance of including comprehensive adaptation plans in the agreement,” said Achim Steiner, Executive Director of UNEP and Under­Secretary­General of the United Nations.

“The impacts of climate change are already beginning to be factored into the budgets of national and local authorities. The escalating cost implications on communities, cities, business, taxpayers and national budgets merit closer attention as they translate into real economic consequences,” he added.

“National authorities and the international community should take the necessary steps to ensure the funding, technology and knowledge gaps are addressed in future planning and budgeting,” he said. “Of particular concern are the implications on least developed countries, whose financial resources for investing in development will need to be redeployed to financing adaptation measures".

“The report provides a powerful reminder that the potential cost of inaction carries a real price tag. Debating the economics of our response to climate change must become more honest,” he added. “We owe it to ourselves but also to the next generation, as it is they who will have to foot the bill.”

The Intergovernmental Panel on Climate Change’s Fifth Assessment Report included estimates on the cost of adapting to climate change in developing countries of $70­100 billion per year by 2050—based largely on World Bank figures from 2010.

The Adaptation Gap Report, produced in collaboration with 19 leading institutions and research centres, expands upon these earlier estimates by including new national and sector studies in its analyses and modelling. The report finds that the earlier figures are likely to be a significant underestimate. For example, one newer study found that the annual average adaptation costs for South Asia alone were estimated at up to $40 billion.

While the Adaptation Gap Report finds that the likely increase in adaptation costs with emissions reductions in place is two to three times higher, it points to the possibility of even greater expense. Extending the analysis to all developing countries indicates a chance that adaptation costs could climb as high as $150 billion by 2025/2030 and $250­500 billion per year by 2050.

These costs are based on the assumption that further wide­ranging action is taken to cut emissions to the level required to meet the target of limiting global temperature rise this century to 2°C compared to pre­industrial levels.

UNEP’s Emissions Gap Report 2014, released in early November, found that in order to limit global temperature rise to 2°C and head off the worst impacts of climate change, global carbon neutrality should be attained by mid­to­late century.

However, in a business­as­usual scenario, global greenhouse gas emissions could rise to up to 87 Gt CO​ e 2​ by 2050, far beyond the safe limits, and bring an increased need for spending to adapt to the consequences of a rapidly warming world. Under this scenario, adaptation costs could hit double the worst­case figures.

UNEP’s Africa Adaptation Gap Report, released prior to the Warsaw climate conference in 2013, found that adaptation costs for Africa alone could reach approximately $350 billion annually by 2070 should the 2°C target be significantly exceeded, compared to $150 billion lower per year if the target were met.

The Adaptation Gap Report also highlights that Least Developed Countries and Small Island Developing States are likely to have far greater adaptation needs; without early efforts to implement adaptation in these countries, the existing adaptation gap will widen as greater financial resources will need to be committed later on.

Financial commitment rising, but more needed

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There is evidence that financial commitments to adaptation objectives have increased in recent years, and that adaptation is being increasingly integrated into development policies, but scaling up financial flows to adaptation remains a priority, the report finds.

Public adaptation­related financing reached $23­26 billion in 2012­2013, 90 per cent of which was invested in non­Organisation for Economic Co­operation and Development (OECD) countries, plus Chile and Mexico.

This represents a large increase over recent years, although it is not clear how much of the funding is actually new as opposed to the result of shifting definitions of adaptation funding.

Private sector funding, which is believed to account for a significant share of adaptation funding, is not systematically tracked. For this reason the estimates of adaptation finance flows are underestimated.

The report looks at the additional revenue that could be raised between 2015–2050 from a selected set of sources, such as: the international auctioning of emissions allowances and the auctioning of allowances in domestic emissions trading schemes, a carbon levy, revenues from international transportation, a wires charge, and financial transaction taxes.

France's Fabius Calls for End to Fossil Fuel Subsidies

The Foreign Minister Laurent Fabius said that beyond a 2 ° C warming, nobody would be spared, and called for the end of fossil fuel subsidies Laurent Fabius warned about the risk of irreversible climate disruption on Sunday 6 July at the Aix­en­Provence economic meeting, which brought together some 3,000 people and 230 speakers from 35 countries over 3 days.

“Beyond these 2 degrees, we will undergo climate chaos and no one, no individual, no company, no nation, no town will be spared,” the Foreign Minister said.

He called on public authorities, of which the French Government itself, to “stop fossil fuel subsidies” and “establish a clear and stable framework over time” so as to “secure profitability” of investments in clean energy.

The fossil fuel model is running out Laurent Fabius wants international investors to finance green energy. “Since the beginning of our industrial revolution, fossil fuels have been the main engine of growth or at least a faithful companion and that model is expiring, and not at the end of this century as it is often said. Fast enough, it will destroy more wealth than it creates,” said the minister, adding that the issue was no longer about “warming” or “change” but about climate disturbance/disorder”.

“I wanted to take advantage of the fact that many leaders are gathered here to make a kind of call (…) to private and institutional investors – I’m thinking of sovereign wealth funds, pension funds, financial companies ­ to invest where their real interest lies in the long term, because I think this is where most of the necessary resources will come from”, said Laurent Fabius. He suggested setting a target of 10% of traditional portfolios dedicated to green economy in 2020 against the 1% target today.

According to Fabius, companies’ carbon footprint of companies should be published.

“Massive and relevant investments” are needed, said the minister, calling for the “shift” in the coming decades “for the over € 1,000 billion currently invested in energy, up to 80% for fossil fuels and 20% for renewables, to switch gradually”.

Laurent Fabius also found that “corporate carbon footprints must be published, evaluated and become a criterion for assessment”. “In particular, and I hope not to be too provocative, by the rating agencies,” he said.

France will host the 21st climate conference in 2015.

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IEA: Huge Potential for Energy Efficiency According to the International Energy Agency (IEA), the global energy efficiency market is worth at least USD 310 billion a year and is growing fast, presenting major economic opportunities not least for developing countries.

An IEA ​ report​ published this week finds that energy efficiency finance is becoming an established market segment with innovative new products and standards helping to overcome risks and bringing stability and confidence to the market.

The maximum use of energy efficiency is essential for the international community to achieve its goal of staying below a maximum 2 degrees Celsius global average temperature rise.

Speaking at the launch of the Energy Efficiency Market Report 2014, Maria van der Hoeven, Executive Director of the IEA said:

Energy efficiency is the invisible powerhouse in IEA countries and beyond, working behind the scenes to improve our energy security, lower our energy bills and move us closer to reaching our climate goals.

The authors of the report highlight the huge potential for energy efficiency in emerging economies and write that efficient vehicles and transport infrastructure are two key areas of opportunity.

The cumulative avoided energy consumption over a decade from energy efficiency in IEA countries in 2012 was 1.7 billion tonnes of oil equivalent – larger than the energy demand of the United States and Germany combined in a single year.

"The Eyes of the World are on Paris" COP21 Opening Ceremony

The nations of the world gathered on Monday in Paris to reach a new and universal climate change agreement, in the knowledge that they have already delivered an almost universal set of national responses to meet the long­term climate challenge before the conference even begins.

Over ​ 150 heads of state and government​ arrived at the conference venue on Monday to give their public support, the largest group of leaders ever to attend a UN event in a single day.

Speaking at the opening ceremony, which was webcast live around the globe, UNFCCC Executive Secretary Christiana Figueres said that the eyes of millions of people around the world were on the governments meeting in Paris, not just figuratively but literally. She said : You have the opportunity, in fact the responsibility, to finalize an agreement that enables the achievement of national climate change goals, that delivers the necessary support for the developing world and that catalyses continuously increasing ambition and action by all.

Ms. Figueres said that the past year had been a turning point and that after many years of hard work, the world was finally seeing that the direction towards a low­carbon, resilient future was irreversible.

This turning point is truly remarkable, but the task is not done. It is up to you to both capture this progress and chart an unequivocal path forward, with a clear destination, agreed milestones and a predictable timeline that responds to the demands of science and the urgency of the challenge.

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On the eve of the COP21 conference, 184 countries covering around 95 percent of global greenhouse gas emissions had delivered their ​ national climate action plans​ to the UN Framework Convention on Climate Change (​ UNFCCC​ ). These pledges constitute a good foundation, but are not enough to keep the world below the internationally agreed maximum global average temperature rise of 2 degrees C. COP21 President French Foreign Minister Laurent Fabius called on governments to step up their efforts: The stakes are too high, and the menace of climate change is too great for us to be content with a minimalistic agreement. The Heads of State and Government who have come to Paris have come to express the voice of ambition.

Ahead of the Paris meeting, thousands of companies and investors and thousands of mayors and regional governments announced their commitment to the essential economic and social transformation to low­carbon, sustainable growth and development.

Minister Fabius said the conference would serve to highlight the importance of non­state actors within the framework of the ​ Lima­Paris Action Agenda​ (LPAA).

During the UN Climate Change Conference in Paris the governments of France and Peru, along with the UN, are organizing a​ ​ series of ​ high­level events​ to demonstrate that the transition to low carbon and resilience is under way.

Throughout the ​ eight days of the LPAA​ , inspirational new commitments will be announced, in action areas ranging from forests and agriculture to clean energy and private finance for climate action.

See the ​ full opening speech​

by UNFCCC Executive Secretary Christiana Figueres

Climate Financial Risk Disclosure Stepped up at COP21

At the UN Climate Change Conference in Paris, the UN’s Secretary­General’s Special Envoy for Cities and Climate Change Michael Bloomberg announced a ​ new industry­led disclosure task force​ on climate­related financial risks under his chairmanship.

The “Task Force on Climate­related Financial Disclosures”, established by the Financial Stability Board, will develop voluntary, consistent climate­related financial risk disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders.

The task force is being constituted at the request of G20 Finance Ministers and Central Bank Governors.

Speaking about his role, Michael R. Bloomberg said: It’s critical that industries and investors understand the risks posed by climate change, but currently there is too little transparency about those risks.

The Bank of England’s Governor Mark Carney was one of the initiators of the task force. In Paris, Mark Carney said that the national climate action plans (“Intended Nationally Determined Contributions” or "INDCs") submitted to the UN ahead of the Paris universal agreement would have major repercussions for businesses, and that a maximum of information was crucial for them to deal with the challenge of climate change and to capitalize on the opportunities of climate action.

For the European Union alone, that means a 1.6% reduction of greenhouse gas emissions every year.

Companies need to ask themselves – ‘what does that mean for me? If the strategy is to get to net zero emissions, what is my plan?’

Michael Bloomberg has already been raising awareness of businesses in the US for climate­related risk through the​ Risky Business​ initiative he co­founded. As the former mayor of New York, he also likes to draw attention to the many advantages of environmental regulation at municipal and national level: “For people who say climate action is bad for business, I say that New York City has the highest growth rate and the highest employment rate in the United States. And the net number of jobs in the United States because of environmental regulation has gone up, not down.”

Mark Carney said that a vocal and involved public was key to accelerate the transition to low carbon and that investors will need to take into account rules, regulations and societal pressures.

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Mike Bloomberg added that the younger generation were now empowered to help shape the shift to low carbon and resilience, and that this had for example enabled the fossil fuel divestment movement to take hold on US campuses.

Technology now allows people to talk two ways, and that is having an impact on the way decisions are being made.

Climate Change – Get the Big Picture New Guide to the UNFCCC and its Processes

The secretariat of the UN Framework Convention on Climate Change has launched a ​ new interactive guide to help explain the climate change regime and its intergovernmental process to a wide audience ahead of the UN Climate Change Conference in Paris.

United Nations climate change conferences have grown over the past two decades into the largest annual conferences currently held under the auspices of the United Nations.

The intergovernmental negotiations have likewise become increasingly complex and involve an ever­increasing number of officials from governments all over the world, at all levels, as well as huge numbers of representatives from civil society and the global news media.

The guide seeks to provide the ‘big picture’ of the UN climate change regime. In particular, it tries to explain the why, what and how – for example why countries came together to combat climate change, what issues are covered by the UNFCCC and its Kyoto Protocol.

Presenting Climate –Get the Big Picture Editorial by Dan Bondi Ogolla, UNFCCC Legal Affairs Coordinator Have you ever wondered what the UNFCCC and its Kyoto Protocol do? What mitigation and adaptation action really mean? What governments do at the annual Conferences of the Parties?

You are not alone. The UN climate change regime is essential if the world is to have a sustainable future but it is also a complex process. As the world’s attention shifts to the Paris Conference in December, where governments are due to reach a new climate change agreement, many people will be asking those kinds of questions and seeking more information on climate change: Why is there a need to act?

What is my government doing? What is the international community doing?

To help answer some of those questions and demystify the UN climate change process, the UNFCCC secretariat, through the generous support of the Government of Singapore, has launched a new interactive guide to help explain the climate change regime and its intergovernmental process. The guide seeks to provide the ‘big picture’ of the UN climate change regime. In particular, it tries to explain the why, what and how: why countries came together to combat climate change, what issues are covered by the UNFCCC and its Kyoto Protocol, and how the intergovernmental negotiation process works.

The guide walks the newcomer through the various issues covered by the regime, such as mitigation, adaptation, technology development and transfer, as well as finance, in order to gain a better understanding of the global efforts Parties are making to combat and adapt to climate change. The guide also explains the negotiation processes where Parties to the UNFCCC and its Kyoto Protocol come together in various bodies to review efforts and decide on next steps.

As well as a summary and interactive graphics, each section contains a ‘learn more’ box that directs the reader to where more detailed information on an issue can be found. In doing so, it will hopefully open up the extensive information on climate change on the UNFCCC website to a bigger audience

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We hope the guide will be a valuable resource to all of those who want to find out more about the UN climate change regime and that it will increase knowledge and ownership of climate change issues that are of such fundamental importance to us all.

Government Leaders Endorse Forests as Key Climate Solution Announce New Actions, Expanded Partnerships

The following statement was issued at a special event on forests at the UN climate change conference in Paris. More statements by individual governments at the meeting can also be found on the ​ Stand With Forests​ website.

Paris, 30 November 2015 ­ Heads of Government from major forest countries and partner countries joined together today to endorse forests as a key climate solution. They recommitted to providing strong, collective and urgent action to promote equitable rural economic development while slowing, halting and reversing deforestation and massively increasing forest restoration.

In a joint statement, the leaders said: “We, leaders, today in Paris on November 30th 2015, recognize the essential role forests play in the long­term health of our planet, in contributing to sustainable development, and in meeting our shared goal of avoiding dangerous climate change “We are committed to intensifying efforts to protect forests, to significantly restore degraded forest, peat and agricultural lands, and to promote low carbon rural development.

“We are committed to do our part as governments and invite others to join us in partnership to reverse deforestation in our lifetimes. Many announcements and partnerships on forests and climate change will be showcased as part of the Lima Paris Action Agenda. This momentum compels us to deliver a successful outcome in Paris for the good of the climate, humanity and the world’s forests.”

Several leaders announced major new actions to protect and restore forests Brazil and Norway made a joint announcement to extend their climate and forest partnership until 2020.

Brazil has delivered impressive results in reducing Amazon deforestation over 70 percent in the last decade.

Both Germany and Norway will continue to support Brazil at scale to further increase ambition on reducing deforestation and forest degradation.

Colombia announced an ambitious partnership , together with Germany, Norway, and the United Kingdom, to implement its vision for green growth, with a particular focus on reducing deforestation in the Amazon region.

Germany, Norway and the United Kingdom announced a collective aim to provide $5 billion from 2015 to 2020, or $1 billion per year by 2020, if countries pursue ambitious REDD+ programs, and an intent to significantly increase pay­for­performance finance if countries demonstrate measured, reported and verified emission reductions.

The leaders aligned around a shared implementation strategy – one centered on enhancing forest protection and restoration, while simultaneously improving rural livelihoods and food security. They recognized the importance of mitigating the main source of emissions, burning fossil fuels. The leaders highlighted that other governments and countries are taking ambitious action to deal with deforestation and forest degradation, and said they will continue working together to advance the REDD+ framework within a global climate agreement to be agreed at COP21 in Paris.

More than a billion people depend directly on forests for their livelihoods, and the remaining six billion of us depend on forests for a variety of economic, social, and environmental benefits such as the rainfall,

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biodiversity, pollinators, carbon storage, and clean water they provide. Forests also play a critical role for many countries in their ability to adapt to a changing climate.

However, each year approximately 12 million hectares of forest are destroyed. Forests could provide up to one third of the climate solution that we need over the next two decades.

Key COP21 Press Events Starting 30 November Information for Media

The UN Climate Change Conference in Paris will begin with an unprecedented ​ Leaders Event​ on 30 November, immediately after the official opening of the COP, where an estimated 150 Presidents, Prime Ministers and Heads of States will deliver speeches. These speeches will be posted on the “​ white pages​ ” of the UNFCCC website as they are made available to the secretariat.

Heads of State, Governments and others are expected to make major climate action announcements on 30 November at a series of press conferences and at a number of ​ high­level side events​ .

All of the speeches and press conferences which take place at the Le Bourget venue can be viewed live and on demand via ​ webcast.​ Summaries of climate action announcements, with links to the official announcements posted online by governments and key stakeholders, will be made available in the UNFCCC Newsroom​ .

A tentative overview of press conferences, including those of Heads of State and Government, is available on the​ UNFCCC press page​ .

To find out about media logistics for the Leaders Event, please consult our ​ Note to correspondents​ . An updated note to correspondents will be provided for the Ministerial High­Level segment the COP in the second week.

UN Secretary­General and COP Presidency press briefings ● An opening press briefing with UN Secretary­General Ban Ki­moon and UNFCCC Executive Secretary Christiana Figueres is scheduled for 30 November at 18:15 to 18:45. ● A slot from 1.15 to 1.45 daily has been booked for a briefing by the COP President and the UNFCCC Executive Secretary subject to daily confirmation (please check conference venue screens).

Other key sources of information for journalists Throughout the conference, media representatives are advised to check the monitors on location, and the Daily Programme​ with a comprehensive overview of events.

The media contacts of delegations can be provided on demand at the information desk in the media center.

Please note that the list only contains the contact details of delegation press officers who have provided them to the UNFCCC secretariat, and will only be provided to bone fide accredited journalists on location at the Le Bourget venue.

More information will be made continuously available on the UNFCCC press page. Another good way for journalists to follow the proceedings is via ​ social media​ and via the ​ UNFCCC Negotiator App​ .

Lima­Paris Action Agenda events, starting 1 December During the UN Climate Change Conference in Paris, the governments of France and Peru, along with the UN, are organizing a series of high­level events to demonstrate that the transition to low carbon and resilience is under way. These events under the “Lima­Paris Action Agenda” (LPAA) will involve many different partners and provide a prime opportunity for media to generate stories and to interview Ministers, CEOs and Heads of UN Agencies.

Throughout the eight days of the LPAA, inspirational new commitments will be announced. Between December 1st and December 8th, 12 Thematic Focuses will take place in the official negotiations zone,

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tackling each of the LPAA’s main action areas, ranging from forests and agriculture to clean energy and private finance for climate action.

Leaders Day at COP21 UN Climate Change Conference Major New Climate Action Initiatives Over 150 Leaders Back Drive for New Agreement in Paris

Over 150 heads of state and government gathered in Paris at the UN climate change conference on Monday, 30 November, the largest group of leaders ever to attend a UN event in a single day.

In speech after speech, they provided political leadership and support to reach an ambitious and effective climate change agreement by December 11 that will set nations on the path to a low­carbon, climate­resilient future that keeps the average global temperature below two degrees Celsius.

In his opening speech, French President François Hollande stressed that never before had the stakes of an international conference been so high because the future of the planet itself was at stake.

UN Secretary General Ban Ki­moon praised the unprecedented global response ahead of the conference in the shape of over 180 national climate actions plans submitted towards the Paris agreement. The countries together represent almost 95 per cent of global greenhouse gas emissions.

The UN chief said that this was a good start but that it was necessary to go much farther and much faster, if the global temperature rise was to be limited to below 2 degrees, beyond which climate impacts become more and more unmanageable.

French Foreign Minister Laurent Fabius, who also holds the Presidency of COP 21, stressed the human face of climate change, recalling his encounters with people around the world directly affected by climate impacts. Hundreds of millions of people depended directly on the solutions to climate change that delegates will reach at this conference, he said.

For full statements made by the French President, the UN Secretary General and the French Foreign Minister ​ please see here​ .

For full statements made at the Leaders Event, ​ please see here​ .

High­Level Events Drive Climate Action Forward Many heads of state and government also took part in a series of high­level events during the day to announce strong commitments and launch new initiatives to drive climarte action forward further and faster.

The initiatives gather coalitions and parternships from all levels of government, internaiotnal organisations business, finance and civil society, reflecting the fact that dealing with climate change is a global challenge that crosses not only borders but involves every part of society and economy.

An Energy Transformation In renewable energy, India and France have ​ launched the International Solar Energy Alliance​ to boost solar in developing countries. The initiative includes 120 countries with joint efforts to mobilize over one trillion dollars by 2030 for the massive deployment of affordable solar energy.

Twenty countries, all major economies, and a private sector initiative spearheaded by Bill Gates put innovation under the radar. They launched ​ Mission Innovation​ to double their current investments in the sector to US$20 billion over five years. They want to dramatically accelerate public and private global clean energy innovation.

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France said it will invest​ a total of 2 billion euros in renewable energy in Africa in 2016­20, a 50% increase in comparison with the last five years.

Six heads of State and Government, plus the World Bank and the International Monetary Fund ​ called on companies and countries to put a price on carbon​ . Countries involved in making the call are Canada, Chile, Ethiopia, France, Germany and Mexico.

The World Bank has ​ announced a US$500 million initiative​ backed by Germany, Norway, Sweden and Switzerland. The Transformative Carbon Asset Facility initiative will help developing countries to implement their greenhouse gas emissions reductions plans.

The ​ Friends of Fossil Fuel Subsidy​ reform and The Prince of Wales’s Corporate Leaders Group also put subsidies under the spotlight. Having gathered a coalition of almost 40 governments as well as hundreds of companies and international organizations, they have called for their phasing out.

Helping the Most Vulnerable Helping populations that are most vulnerable to climate change was the focus of two announcements.

A ​ new initiative to build resilience​ ­ Anticipate, Absorb, Reshape – was launched by UN Secretary­General Ban Ki­moon. It will help address the needs of 634 million people who live in coastal areas at risk from climate change as well as those living in areas at risk of droughts and floods. The initiative will bring together governments, the UN, the private sector and other stakeholders for a five­year period.

The Global Environment Facility (GEF) has, for its part, ​ announced that 11 donors have pledged close to US$250 million​ in new money to the Least Developed Countries Fund. It will support adaptation in the most vulnerable countries.

Forests as a Solution Heads of Government in major forest countries and their partners issued a ​ statement​ endorsing forests as a key climate solution. They pledged to act urgently and promote equitable rural economic development while slowing, halting and reversing deforestation and massively increasing forest restoration.

Events, Exhibits and Climate Action Arena The Paris 2015 UN climate change conference will host a large number of events and exhibits in parallel with the negotiations. On this page you will find information on events in four key areas: the Climate Action Arena, the Lima­Paris Action Agenda, Momentum for Change and official side events and exhibits.

Climate Action Arena Location: Press Conference Room 1, Hall 2, Blue Zone, Le Bourget (see ​ map​ ) The Climate Action Arena is a dedicated space that will recognize cities, regions, businesses, civil society groups, trade unions and others addressing the threat of climate change. The events listed below will include high­level dialogues, roundtables, debates, film screenings, and press conferences for the Lima­Paris Action Agenda​ (LPAA) and the Momentum for Change initiative ­ all of which will highlight how both state and non­state actors are playing a key role to keep global temperature rise below 2 degrees Celsius.

Lima­Paris Action Agenda (LPAA) The Lima­Paris Action Agenda is a joint undertaking of the Peruvian and French COP presidencies, the Office of the Secretary­General of the United Nations and the UNFCCC secretariat. It is aimed at

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strengthening an already large groundswell of cooperative climate action involving states, regions, cities, business and investors throughout 2015, in Paris in December and beyond.

At the conference there will be special LPAA Focus Thematic Events intended to develop an in­depth understanding of the high stakes of inaction and share solutions that hold great potential to accelerate transformational change.

At the centre of the series of thematic events is Action Day, scheduled for Saturday, 5 December, which will feature a High Level Meeting on Climate Action. (Action Day information will be provided closer to the conference).

Please see below for more inform ation: LPAA Focus Thematic Events LPAA Website Official side events and exhibits Location: Hall 4, Blue Zone, Le Bourget Side events and exhibits were established as a platform for observer organizations that have limited speaking opportunities in the formal negotiations, to engage with Parties and other participants for knowledge sharing, capacity building, networking and exploring actionable options for meeting the climate challenge. UN agencies, admitted observer organizations and those Parties that partner with observers present their work or foster discussions on key issues.

A number of side events will be clustered around thematic days, including BINGO Day, Gender Day, Farmers' Day and Young and Future Generations Day.

Lima COP20/CMP10 Ministerial Dialogue on Climate Finance

The following is an official summary of the ministerial dialogue on climate finance that took place at the UN climate change conference in Lima, Peru, on Tuesday, December 9, 2014. The meeting's conclusions appear at the end of the summary.

Summary of the Biennial High Level Ministerial Dialogue on Climate Finance The Conference of the Parties (COP) at its nineteenth session through decision 3/CP.19 decided to convene a biennial high­level ministerial dialogue on climate finance starting in 2014 and ending in 2020 and informed, inter alia, by the in­session workshops on long­term finance and the submissions on updated strategies and approaches for scaling­up climate finance from 2014 to 2020 referred to in the same decision.

The first biennial high­level ministerial dialogue was held on December 9, 2014 during COP20/CMP10 in Lima. The Presidency has prepared this summary in accordance with the mandate it received from COP 19 in paragraph 13 of decision 3/CP.19.

Opening Remarks COP20/CMP10 President Manuel Pulgar­Vidal invited Parties to consider an articulated vision for climate finance, by focusing on elements that need to converge to support ongoing efforts to scale­up funding and investments, such as scale of resources, information tools, and institutional arrangements. He called for building a robust financial architecture that concretizes financial commitments, has solid institutions that complement one another, as well as coherent information that enable good decision­making.

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Peruvian Minister of Economy and Finance Alonso Segura noted the relevance of existing channels of finance under the Convention such as the Green Climate Fund (GCF) and the Global Environmental Facility (GEF), as well as existing market mechanisms. He emphasized, however, the need to complement them with long­term finance toward the goal of mobilizing $100 billion per year by 2020. Minister Segura also noted institutional arrangements are key to ensure coherence and stressed the relevance of comparability of climate finance information and mechanisms to monitor, support, and verify climate finance.

Scene­setting Presentations Ms. Hela Cheikhrouhou, Executive Director of the GCF, Ms. Naoko Ishii, CEO and Chairperson of the GEF, and Mr. Hussein Alfa Nafo, member of the Standing Committee on Finance (SCF) delivered scene­setting presentations. Ms. Cheikhrouhou focused on scale and accessibility of climate finance by applauding the pledges to the GCF and the accreditation system that will enable entities to access funds. She also remarked the GCF is working closely with countries to turn pledges into contributions, and reminded countries that the GCF will need continued scaling up of resources. Ms. Ishii noted the GEF­6 replenishment was the highest ever and emphasized the need to create the strongest possible climate finance architecture, building on the strengths of each of the existing funding mechanisms. Mr. Nafo presented key findings of the biennial assessment and overview of climate finance flows, calling it a landmark document and highlighting recommendations on methodologies and a definition of climate finance.

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The Transformational Power of Climate Finance Climate funds can play a transformative role greening developing country economies, and are already leveraging billions of dollars. If further scaled up, they are central to helping the world stay below the internationally agreed goal of a maximum 2 degrees Celsius global average temperature rise.

These are the central conclusions of experts meeting on the margins of the ongoing UN Climate Change Conference in Bonn. The experts showcased inspiring examples of climate funds, notably the ​ Climate Investment Funds​ (CIF), which finance projects in 70 countries. Founded in 2009 as a precursor to the Green Climate Fund, the CIF have been been allocated more than 8 billion dollars to date.

Key to Success is High Leverage The Climate Investment Funds work in several fields, including forest protection, building resilience to climate change and clean energy. 60% of the money goes towards renewable energy and energy efficiency.

Frank Fass­Metz of Germany’s Development Ministry, one of the fund’s main donors, said the Climate Investment Funds are a success story not because of the amount of money allocated to them, but because they have been able to mobilize far greater sums. “We have been really impressed by achievements of the fund in in leveraging additional resources, namely around USD 57 billion. This has delivered significant results on the ground,” he said.

The Climate Investment Funds have notably helped renewable energy technologies take off in developing countries and emerging economies which would otherwise have not reached market maturity.

For example, the fund has been instrumental in helping to add one fourth of the world’s geothermal capacity ­ around 2.7 gigawatts. And it is on track to contribute to 16 gigawatt of renewable energy power around the world ­ the amount of energy needed power all of eastern Africa.

The CIF has notably been strongly promoting concentrated solar power (CSP) in developing countries. For example, the funds have assisted the Moroccan government ​ in building a CSP plant​ that will provide more than a million citizens with clean energy. Whilst the CIF provided USD 500 million, a total of 1.7 billion USD was leveraged.

Billions Raised, Trillions More Now Neeeded Whilst this sum may sound impressive, Chizuru Aoki of the Global Environmental Facility said in Bonn that not billions, but trillions of dollars would be needed over the next 15 years to put the world on a sustainable pathway.

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“We’re looking at infrastructure investments totalling around 89 trillion, mainly in the energy and cities sectors, to 2030. What we need is money to leverage those trillions – to pay for the incremental costs that are required to make those investments happen. This may be not more than 5% of the total expenditure.”

Dechen Tsering, Head of Finance, Technology and Capacity Building with the UNFCCC secretariat, said that whilst more climate finance was urgently needed, there was already much to be built on in terms of institutional capacity and financial flows: “We often forget the progress we have made on climate finance, also under the UN Climate Convention.

Annual public and private flows from developed to developing countries ranged from USD 40 to USD 175 billion in 2011­2012, from a variety of sources and sources. All of the existing funds are important to scale up the financing to meet the USD 100 billion pledged to developing countries by 2020 and beyond. We are going in the right direction; we now need to speed up the financial flows and strengthen the existing institutions."

Cuba to build 7 wind farms financed by foreign investors Cuba plans to build seven wind farms financed by foreign investors under a program aimed at developing renewable energy sources in the medium term, Energy and Mines Minister Alfredo Lopez said.

The project is part of an effort by the island to generate 24 percent of its electricity from renewable sources by 2030, with officials planning to attract more than $600 million in foreign investment.

Cuba plans to build six other wind farms using different sources of funds as it boosts clean energy generation.

Slightly more than 4 percent of the island's electricity is generated using renewable sources today, the official AIN news agency said.

The 13 new clean energy facilities will be added to a fleet of four existing wind farms, which have 12 MW of generating capacity and are located in different parts of the island.

Increased use of wind, solar and hydroelectric power plants will help Cuba reduce its reliance on fossil fuels and save about $780 million annually, Lopez told the National Assembly.

Several other foreign investment projects in the solar photovoltaic sector are being evaluated, Energy and Mines Ministry officials said.

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Cuban officials did not identify the country of origin of the investors in the wind farms, but Italian Deputy Foreign Minister Mario Giro said last week that the island's government was evaluating several energy projects, including the construction of three wind farms, with Italian companies.

Spain, for its part, has expressed interest in investing in Cuba's renewable energy industry and several delegations, including one led by Industry, Energy and Tourism Minister Jose Manuel Soria, traveled to the island recently.

Cuba's renewable energy industry currently operates 10,595 solar water heaters, 9,343 wind turbines, 827 biogas plants and 169 hydroelectric power plants, as well as solar panels and solar power plants. EFE

London economy vulnerable to climate change, assembly report finds London’s economy is increasingly vulnerable to climate change because of the city’s status as a global financial centre and the international connections of its businesses, a report by the ​ London​ assembly has found.

It urges more action to prepare the city for climate risks from mayor ​ Boris Johnson​ .

Just over half of the 100 largest businesses listed on the London Stock Exchange have no adaptation strategy in place to prepare for the risks posed by climate change, which include floods, droughts and heatwaves. The effect of such extreme weather conditions is likely to fall most heavily on small and medium­sized businesses, outside the FTSE 100, which are least equipped to bear the brunt. Nearly two­thirds of such businesses have no plan in place to deal with climate change.

London’s status as a financial centre means it is vulnerable in other ways to climate­related shocks around the world too. The capital’s financial sector is exposed to risks internationally, the report found, including through its investment in fossil fuels. If controls on carbon dioxide emissions are brought in by governments around the world then reserves held by coal, oil and gas companies risk being rendered worthless. The Bank of England is currently​ preparing a report on these overvalued assets ­ the so­called carbon bubble​ .

Other businesses, which are seemingly far from the effects of climate change, must also take account of it, according to the report’s authors. They cited the floods that afflicted Thailand in 2011, which affected the makers of many computer components, and the damage done resulted in higher prices throughout the IT hardware supply chain, which affected London companies.

Food prices are also likely to be affected by climate change, the report found, with knock­on effects throughout the UK. The report from the London assembly, called “Weathering the Storm: The Impact of Climate Change on London’s Economy”, called for more emphasis on climate change policies from the mayor Boris Johnson.

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His economic development strategy for the capital does not currently feature climate change with any prominence, the report’s authors argued.

The group also found that the London Pension Fund Authority, which controls pensions for the assembly, should look at the potential for diversifying its investments, including possibly taking money out of coal.

Campaigners have​ called for the the £4.8bn pension fund to be divested​ entirely from fossil fuels.

The report found that London’s “adaptation sector” was worth about £431m in turnover in 2011 to 2012, employing about 4,000 people, in industries such as construction.

Jenny Jones, Green party assembly member and co­author of the report, said: “Too little is being done to understand and prepare for the potential costs of climate change. London faces a great unknown when it comes to how our supply chains and economy will be hit by extreme weather events.”

She added: “Detailed work is essential to secure London’s future economic prosperity. We need to diversify London’s economy and further invest in our green economy. That way, our city will be stronger and more resilient whatever the level of future global warming.”

Jenny Bates, campaigner at Friends of the Earth, said: “Climate change is not only a massive threat to Londoners through increased droughts, heat waves and flooding ­ it could devastate our economy too.

Tackling climate change should be a top priority for the mayor. London must prepare for the consequences of global warming and do far more to play its part in cutting emissions through, for example, the development of clean energy and transport infrastructure.”

She also called for measures to cut greenhouse gas emissions, such as stopping the expansion of airports and road­building, which she said would also help to cut air pollution, and called for financial institutions in the City of London to support low­carbon projects around the world.

UNITED CHURCH OF CANADA VOTES TO DIVEST FROM FOSSIL FUELS On August 11th, 2105 the United Church of Canada voted to sell its fossil fuel assets and commit financially to transitioning to an economy based on renewable energy. The vote was held by the 42nd General Council, the United Church’s highest body, which meets triennially to determine the denomination’s priorities. Climate justice, whereby the world’s most vulnerable populations avoid disproportionate harms of climate chaos, stands as a clear priority for Canada’s largest protestant denomination.

“The United Church of Canada has voiced its concern about human­induced climate catastrophe for decades. Given the lack of political and industrial leadership to address climate concerns in a way that matches the scale of the problem, we wanted to signal that we are so serious about averting climate crisis that we are willing to put our money where our mouth is,” said Christine Boyle, the General Council commissioner, parent, and long­time climate advocate. “Many in the United Church see Jesus as a friend of the poor and an advocate for the marginalized. Today we have committed to journeying in his footsteps, raising our moral voices to address the burdens of climate chaos that disproportionately affects those living on the margins.”

The denomination has addressed the climate crisis several times at previous General Councils. This is the first time it has committed to moving its investments away from fossil fuels the same way it moved away from tobacco and gambling companies years ago.

“The United Church of Canada has lived into the policies that it has developed over the past 20 on climate justice, and is taking prophetic leadership,” said Jeanne Moffat, a leader with Trinity­St. Paul’s United

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Church’s climate justice group. “We should see this as a symbol of hope for the climate justice movement.”

Folks from across Canada have worked on this for years, finding inspiration from a similar initiative to end apartheid in South Africa and from what the World Council of Churches and other faith communities across the globe are doing to transition to a sustainable future.”

Geothermal Leap for Developing World Needs Public Finance CPI Study

Geothermal energy has the potential to provide significant amounts of low­carbon, low­cost electricity in many developing countries, thereby opening up space for climate ambition. Geothermal is broadly cost competitive with fossil fuel alternatives and is the cheapest source of available power in some developing countries with rapidly growing energy demand.

But a ​ new study​

by Climate Policy Initiative shows public finance needs to increase 7­10 fold for full and effective deployment of the technology.

The study includes case studies of geothermal projects in Turkey, Kenya and Indonesia that range from 13MW to 330MW – the largest in the world.

This chart by Climate Policy Initiative shows the potential of these and other developing countries:

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●

● ●

By enabling private investment, governments can achieve the same amount of electricity generation while providing only 15­35% of the financial resources they would have spent had they built and operated projects themselves.

Governments and development finance institutions will need to provide 42­55% of the total additional financing of approximately USD 133 billion in the form of low­cost, long­term loans and equity.

Support should be rebalanced towards earlier, riskier stages of project development that are the biggest barriers to investment.

Development finance institutions should consider directing support to countries where geothermal has the greatest potential to increase energy supply at low cost and can achieve most emissions reductions.

Support to fossil fuels remains high and the time is ripe for change

Government support to fossil fuel consumption and production in OECD countries and key emerging economies remains high, at USD 160­200 billion annually, according to a new OECD report. This support is hampering global efforts to curb emissions and combat climate change.

The ​ OECD Inventory of Support Measures for Fossil Fuels 2015​ takes stock of almost 800 spending programmes and tax breaks used by governments in the 34 OECD countries and 6 key emerging G20 economies (Brazil, China, India, Indonesia, Russia and South Africa) to encourage the consumption or production of fossil fuels. These include measures that reduce prices for consumers, as well as those that lower exploration and exploitation costs for oil and gas companies. The OECD has been measuring

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public support for fossil fuels since 2009, when G20 members committed to phasing out “inefficient fossil fuel subsidies” as part of wider efforts to combat climate change.

“The time is ripe for countries to demonstrate they are serious about combating climate change, and reforming harmful fossil fuel support is a good place to start,” said OECD Secretary­General Angel Gurría.

“Governments are spending almost twice as much money supporting fossil fuels as is needed to meet the climate­finance objectives set by the international community, which call for mobilising 100 billion US dollars a year by 2020. We must change the course. This new OECD Inventory offers a roadmap to turn around harmful policies that are a relic of the past, when pollution was still seen as a tolerable side effect of economic growth.” (​ read the full speech​ )

Around two­thirds of the measures identified in the OECD Inventory were introduced before the year 2000, and in a very different economic and environmental context. Changing policy priorities make it necessary for governments to rethink the relevance and effectiveness of policies that use taxpayers’ money to sustain our reliance on fossil fuels.

The OECD Inventory shows that while slight progress has been made over the past three years, total support to fossil fuels remains high, reinforcing the need for sustained reform efforts. Lower oil prices present a unique opportunity for governments to phase out support for the consumption and production of fossil fuels.

Delivering at scale, empowering transformation In 2014, Tajikistan applied climate analysis to maximize investments in an aging hydropower system upon which half a million people depend. Morocco continued the phased development of a 500 MW concentrated solar power complex — the first of its kind in Morocco and one of the largest in the world, promising to bring electricity to 1.1 million Moroccans. Indigenous peoples’ groups in Brazil presented and received approval for a $6.5 million plan to advance their participation in sustainable forest management.

These are just a few of the many progressive steps that 63 developing and middle income countries are taking to shift to low carbon, climate­resilient economies with support from the ​ Climate Investment Funds (CIF)​ .

With more than $8 billion in resources expected to attract at least an additional $57 billion from other sources, the CIF is accelerating, scaling up, and influencing the design of a wide range of climate­related investments in participating countries. While this may be only a small portion of the resources needed annually to curb global warming, the CIF is showing that even a limited amount of public funding, if well placed, can deliver investments at scale to empower transformation.

Empowering renewable energy deployment About $4.8 billion (almost 60 percent of total funding) is focused on renewable energy development in 33 countries. That includes $1.2 billion endorsed for projects that aim to deploy 1.5 GW of concentrated solar power (CSP) — more than one third of the current global installed CSP capacity (4GW). Endorsed investments in geothermal energy aim to contribute to 2.9 GW, a quarter of the current global installed geothermal capacity (13GW). In 2014, the CIF’s​ Scaling Up Renewable Energy Program in Low Income Countries​ welcomed 14 new countries to expand its reach to 27 countries.

Empowering climate­smart planning and decision making

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With more than $1 billion, the CIF’s ​ Pilot Program for Climate Resilience (PPCR)​ is currently the largest active adaptation fund in the world, second only to the ​ International Development Association (IDA)​ in support for climate resilience in small island states (with a total of $243 million). PPCR countries are showing marked progress in integrating climate change into national development planning, and countries outside of the CIF are adopting the PPCR approach to develop their own strategic plans for climate resilience.

Empowering sustainable forest investments The CIF’s $785 million ​ Forest Investment Program (FIP)​ is providing indispensable direct investments in forestry to support countries’ development and REDD+ objectives. By looking across forest landscapes in an integrated, cross­sectoral manner, the FIP is empowering countries to address the drivers of deforestation and forest degradation both inside and outside of the forest sector to achieve a triple win of poverty reduction, mitigation, and resilience. Unique to the FIP is the $50 million ​ Dedicated Grant Mechanism for Indigenous Peoples and Local Communities (DGM)​ , the largest global REDD+ initiative solely for these groups.

Empowering financial partners The CIF’s partnerships with national development banks and local financial intermediaries are demonstrating the potential of CIF concessional financing to stimulate climate action. Approximately $760 million — or 17 percent of CIF's $4.4 billion under implementation — is supporting projects that are providing the financial boost and technical know­how these institutions need to create new credit lines and test new business opportunities in low­carbon and climate­related industries.

Empowering learning As more CIF­backed projects and programs get under way, concrete results are beginning to emerge, including lessons on what is working, what is not, and why. These results are being reported and measured annually — a new and difficult task within climate finance that the CIF is pioneering. The CIF is also building networks and peer learning among CIF countries, as well as spearheading analytical studies and thematic dialogues, to expand global knowledge exchange.

The CIF 2014 annual report, ​ Delivering at Scale, Empowering Transformation​ , reflects these themes and highlights the emerging results and trends in the CIF portfolio, lessons being learned, and key activities of 2014. Our work is challenging, but the CIF is having an impact thanks to the continuous efforts of all key stakeholders. These include the CIF governing bodies, national governments, citizen and community groups, private sector sponsors, and the five multilateral development banks that partner with the CIF as co­financiers and implementing entities.

New pledges from the United Kingdom and Norway in 2014 are another vote of confidence in our work, as is the Independent Evaluation of the CIF (2014), which affirms that the CIF is making progress toward its goal of transformational change. These new resources will help us expand to new countries in 2015, and the recommendations from the evaluation will help us improve our operations and provide important lessons to other climate financing mechanisms.

As international negotiations on climate finance intensify leading up to the ​ 21st session of the Conference of the Parties to the UNFCCC​ in Paris in December, the CIF remains focused on achieving its mandate to demonstrate the value of — and the need for more — investments in a low carbon, climate­resilient future.

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Huge Positive Policy Potential to Increase Greenhouse Gas Emission Cuts New UNFCCC Report Released to Help Climate Policymakers

(Bonn, 18 November 2015) – A new report packed with best practice climate policies from across the world reveals a wealth of existing opportunities to immediately scale up reductions in greenhouse gas emissions while powering up ambition to keep the global average temperature rise below 2 degrees Celsius.

“Climate Action Now – A Summary for Policymakers 2015”​ underlines how nations can deploy a wide range of proven policies and utilize existing initiatives to meet the common challenge of climate change and sustainable development. The report also sits on a ​ new microsite​ highlighting the potential for greater climate action and ambition before 2020, when the new Paris Agreement comes into effect.

It also highlights both national and international cooperative actions while underling the vital role of non­State actors such as companies, cities, regions and provinces in realizing bigger reductions in current and future emissions.

The report, released by the secretariat of the UN Framework Convention on Climate Change (UNFCCC) at the request of governments, provides a straightforward, inspiring go­to­reference to assist ministers, advisors and policymakers pursuing climate actions now and over the years and decades to come.

The findings spotlight how effective policies across six key thematic areas not only reduce emissions rapidly but also advance goals in 15 other critical economic, social and environmental areas.

The report underlines that the intended national climate action plans which almost 170 countries have already submitted towards the new climate change agreement in Paris, in December, have an inordinate potential to go further and faster, assisting nations to over­achieve on their pledges.

“Under the UNFCCC, governments have over the past few years led a significant effort during a series of technical expert meetings to identify and scope out the policies that lead to effective climate action – this report is the fruit of that effort,” said Christiana Figueres, Executive Secretary of the UNFCCC. “It underlines the myriad of remarkable transitions that are already occurring nationally and internationally in areas ranging from renewable energy to transportation and land use. In doing so it provides governments and their partners with the blueprints and tool­kits to cost­effectively catalyze action now and take the Paris agreement to the next level of long term ambition,” she added.

“The remarkable reality revealed in this report is that the very policies that deal most effectively with climate change also offer a ready­made portfolio of actions that can equally assist the Sustainable Development Goals and achieve everyone’s ultimate aim of a prosperous, stable and environmentally healthy world for all,” said Ms. Figueres.

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Paris Scientific Conference Closing Speech M. Laurent Fabius, COP21 President SPEECH / 13. JUL, 2015

The conference ​ Our Common Future Under Climate Change​ took place in Paris last week and closed on Friday. Here is the speech delivered by Laurent Fabius, Minister of Foreign Affairs and International Development, President of COP21, at the closing session of the UNESCO scientific conference.

IPCC Chair, Co­Chairs of the ADP Group, Ministers, Ambassadors, Ladies and gentlemen, dear friends, COP21 is to take place in less than 150 days here in Paris, or to be more precise – since I am speaking to an audience of scientists, I must be precise – in Le Bourget, a few kilometres from here.

Having left the Iranian nuclear negotiations in Austria this afternoon and before returning there this evening, I wanted very much to be here for the conclusion of your proceedings. Because, on the road taking us to COP21, your meeting is a stage that is doubly important. Firstly, in scientific terms: your meeting, the largest gathering of the scientific community before the Paris event, has enabled us to deepen our knowledge of global warming, its effects and the solutions we can bring to it. It is also important politically: you are sending out a further call to action to the world’s leaders. The expression “a booster shot” has been used: I am pleased to have you as allies in this, because this is a field in which several injections are considerably more effective than just one.

This conference is therefore a remarkable initiative and I congratulate its organizers, including Mr Jouzel and Mr Le Treut. Both have been kind enough to agree to attend the meetings I chair each month for the preparation of COP21 – what we have called the “steering committee” – and their informed opinions have been of great use for us.

I wish to salute all the scientists present here, coming from over 100 countries and representing every scientific discipline. Your mobilization has generated extensive exchanges of views, especially due to the presence of many representatives of the countries of the South. I salute all the other participants: elected representatives, managers of companies and NGOs, and private citizens, in addition to the media, acting as a highly useful channel for communication of our discussions. Your presence demonstrates that action for our planet is everybody’s business.

Ladies and gentlemen, In the fight against global warming, one of the great causes for our generation –even the greatest perhaps given that it predetermines many others – the role of scientists has been and continues to be fundamental.

Firstly, in terms of establishment of the facts. It is to scientists, to you, that the world owes its entry into what Jean Jouzel has called the “time of certainties”.

Indeed, the time when the reality of climate change and its human origins were denied, including in France, is finished. The merit for this goes to the whole of the scientific community, and first and foremost to the IPCC, which has done exceptional work since being set up in 1988. Its reports have struck a useful blow against climate denial. Its diagnostic conclusions are now unchallenged. Through their quality and their integrity you have ensured that they have become unchallengeable. Rarely has the positive effect of the

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scientific spirit and research work been as sharply defined. You have made climate denial indefensible, climate fatalism irresponsible and, this is my hope, climate action unavoidable.

But before that, you were obliged to confront doubts, criticisms, accusations – not all of which were guided solely by a concern for scientific truth. The rigorous character of your work has won the day. Today, in negotiations, the reality of climate change and its human origins are no longer seriously called into doubt: they have become an established truth. That victory, ladies and gentlemen, is your victory.

Looking beyond the establishment of the facts, the scientific community has played and is still playing a key warningrole. The IPCC’s reports are no longer content to analyse the causes of warming and to offer a diagnostic analysis of the situation; they are a call for a global awakening in that they define the three sides of the basic triangle of climate knowledge: the first side – the consequences of inaction would be irreversible and devastating; the second side – it is still possible to take action; the third side – action is urgent.

Indeed, it is thanks to science that we know that warming by 3°, 4° or even 5°C – which corresponds to the inaction scenario – would result in a planet full of danger. It is thanks to science that we know that the effects of climate change would be more violent for certain regions of the world, but that no region would be spared.

It is thanks to science that we know that the cost of an absence of decision would be exorbitant, especially for the poorest among us.

And finally, I wish to emphasize the crucial role of scientists, your role in the solutions. Science has enabled us to move beyond the “Should we act?” debate; it provides the keys to answer “How should we act?”

It is scientists who indicate for us the path to be followed to keep warming below 1.5° or 2°C. Specifically, we know that meeting that target requires us to ensure that global emissions peak during the present decade, to reduce them by between 40% and 70% over the period 2010 to 2050, and to arrive at “carbon neutrality” in the second half of the century.

It is also scientists who involve themselves in designing and subsequently evaluating concrete solutions for the mitigation of greenhouse gas emissions and adaptation to the effects of climate change. During this conference, you have, across all your fields, demonstrated that the science that warns us about the climate is also increasingly the science that provides solutions for the planet.

Ladies and gentlemen, Knowledge, yes, but knowledge for action. It is imperative that COP21 arrives at an agreement in December – and an agreement commensurate with the challenge of the climate. Our goal is to arrive at a “Paris Alliance” comprising four objectives, four pillars. I would like, as President of this COP, to tell you in a few words where we are today on this.

1. The first pillar must be the agreement itself, one that is universal and legally binding. That agreement must be fair, by which I mean that it must provide for efforts that are differentiated according to country, go hand in hand with financial and technological solidarity for the poorest countries, and take greater account of the effects of climate change. The agreement must be sustainable, and must neither ignore the period up to 2020 nor stop suddenly in 2030; it must include immediate action and be open to extension because it is not possible for us to renegotiate the common rules and principles every ten years. It will need therefore to include a “review mechanism” that regularly invites States to assess the initial commitments and upgrade them. Indeed, a sustainable agreement is a necessary condition for an ambitious agreement: COP21 must be more than simply an achievement; it must also and above all be a point of departure for a further period and a renewed effort.

In this respect, the discussions are making progress but, as I had occasion to say recently at the United Nations in New York, they must be speeded up. That is why, in addition to the important work done by the ADP, I will be organizing several meetings of the ministers of forty or so countries representative of the parties as a whole in order to identify compromises on the five or six topics that can be resolved only at the political level. I shall be chairing the first of these meetings on 20­21 July next in Paris.

2. The second objective is the presentation by all countries, before the COP even takes place, of their “intended nationally determined contributions”, or INDCs. For the first time in the history of climate

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negotiations, all States have undertaken to give commitments on the reduction of their greenhouse gas emissions. Over forty countries have already submitted their contributions, including, recently, China, which made its commitments public here in fact in Paris last week. More than half of global emissions are now covered. The process of publishing national contributions has led to a few disappointments but also to some pleasant surprises.

I invite you to take the opportunity provided by INDC preparation and publication to make your influence felt in national debates, for example by evaluating the feasibility of targets, by foreseeing the consequences of the policies announced, by assessing the fit between adaptive policies and expected impacts for individual countries, and by presenting alternative scenarios. Your scientific expertise is invaluable for the work being done – in many cases for the first time – by governments.

Publication of contributions is still far from complete but many – particularly among you – already fear that the sum of those commitments will not allow us to keep the warming of the planet under 2°C. In the lead­up to COP21 we will continue to ensuring that the goal is as ambitious as possible, but if that fear proves well founded, would that make the Conference pointless? Absolutely not! Quite the contrary. It is precisely my wish, as I have said, that in December we should adopt a sustainable and dynamic agreement that will enable us to get back in stages, based on many actions, on a trajectory compatible with what science recommends.

3. The third pillar is formed by those actions that require financial and technological resources. On Monday next I shall be in Addis Ababa to discuss development financing. Where the climate is concerned – the two domains are not unconnected – we need to guarantee fulfilment of the commitment given in Copenhagen in 2009 to raise every year over the period to 2020, as a priority for the benefit of the poorest and most vulnerable countries, 100 billion dollars in public and private finance – part of which will be channelled through the Green Climate Fund. More generally, we must put in place the rules and incentives for a radical redirection of public and private financial flows towards a low­carbon economy. Positive signs do exist but once again they need to be amplified further. At a time when rating agencies are beginning to take the financial aspects of “climate risk” into consideration, when major investment funds are deciding to divest from coal, when increasing numbers of leaders are considering practical ways to ensure more funding for innovation, when certain groups in the oil industry are themselves asking for a carbon price to be set, when more and more countries are reducing their subsidies to fossil fuels, this means that things are moving positively in that direction.

4. The fourth and last pillar – and this is a novelty in climate negotiations – is the mobilization of non­State actors: local government, private enterprise, non­profit associations, civil society. What we have termed the “Agenda of Solutions”. Since the New York Summit held in September 2014 by the United Nations Secretary General, more and more actors are developing “exemplary” climate initiatives. COP20 in Lima last December put forward a “Lima­Paris Action Agenda”. Today, in conjunction with Peru, the United Nations Secretary General and the secretariat of the Climate Convention, we are encouraging all these actors to go further, to structure their approaches and to enhance their reach by using what is called the NAZCA Portal.

Such commitments are essential for effective action. They do not replace action taken by States; they reinforce it. And it is the sum total of all these individual actions that will enable us to achieve the objective.

Ladies and gentlemen, You have chosen “Our common future under climate change” as the title for your Conference. And that is exactly what is at stake here – our common future. Our future is menaced by a global threat. Global in its scale, because no region of the world would escape the consequences of inaction. Global in its effects, because climate disruption would have dreadful consequences for the environment and for biodiversity, as well as for public health, poverty, development, security and peace.

It is a threat you have announced and documented. You have warned the world’s leaders, you have called on them to take action, and swiftly. Today, your message is being heard everywhere, probably more than at any time in recent decades. I want to thank you for your work, to congratulate you on your mobilization, to

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assure you that we will do everything possible to avoid disappointing you in Paris in December, and to encourage you to continue your efforts.

Because the tribute I wish to make to you, one that finds a totally legitimate expression here in UNESCO, is a tribute I offer to all science, all sciences. The fight against climate change needs all sciences: climatologists, glaciologists, ecologists, biologists, oceanographers, statisticians, economists, town planners, geographers, physicists, specialists in space science, agronomists, doctors, geostrategists, political scientists, anthropologists, sociologists, historians and philosophers, because both human sciences and hard sciences – which are not inhuman – and every – or almost every – science, and every researcher has to provide input to arrive at diagnostic conclusions, establish prognoses and put forward solutions.

What is a responsible leader? A responsible leader is someone who must provide answers. Political leaders must provide answers based on your expertise. Your mission will continue to be essential in the years to come because it will be your task to continue contributing to the solutions: the construction of tomorrow’s new, decarbonized world is dependent in large part on you. You have shown in the work you have done for many years and in recent days, including the final declaration you have just adopted, that you are determined to work towards that goal.

We will therefore meet again in Paris at COP21. I will ensure that science has a place of honour at that Conference. Its place will be central because that is the place it deserves.

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