Financing the answer to climate change: challenging but feasible

An agreement on climate finance is crucial to ensure an equitable approach between developed and developing countries in the fight against climate change. Given their economic capabilities and their historical responsibility for global warming, developed countries are expected to bear the majority of the costs associated with global climate action. The Cancun Agreements formalised a commitment by developed countries to jointly provide USD 30 billion for the period between 2010 and 2012 and USD 100 billion annually by 2020 for developing countries. The objective was to help these countries adapt to the adverse impacts of climate change and to undertake mitigation actions so as to bring them towards a low-carbon economy.

This report addresses the following question: How is it possible to secure a framework for mobilising, administrating and delivering financing on the necessary scale? Transparency and accountability are essential for a more efficient and coordinated approach towards the administration of climate funds. Finally, building the capacity to deal with the delivery of scaled-up funding in an efficient, effective and equitable way represents a huge challenge.

ESO: Background information: Shifting the climate finance paradigm: Nine key lessons for developed countries http://www.europeansources.info/record/shifting-the-climate-finance-paradigm-nine-key-lessons-for-developed-countries/

ESO: Background information: International climate finance http://www.europeansources.info/record/international-climate-finance/

---