Requested by governments, the analysis lays out a much-needed framework for tracking how money earmarked for climate action moves between countries, development banks and private sources, the authors said. It said that in 2014 it provided $25.4 billion in loans for climate change mitigation or adaptation across Europe and around the world.
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Countries including Germany, France, Netherlands, United States, Sweden and Britain have recently announced increase climate finance.
Many developing nations have accused rich nations of failing to increase their commitments after an initial US$10 billion a year pledged for 2010 to 2012.
Public and private finance mobilised by developed countries for climate action in developing countries reached USD 62 billion in 2014, up from USD 52 billion in 2013 and making an average of USD 57 billion annually over the 2013-14 period, according to a new OECD study in collaboration with Climate Policy Initiative (CPI).
A new report this week found the world was less than two thirds of the way to the US$100-billion-a-year target past year. Half of the $5 billion will be used to develop renewable energy generation with a focus on solar, hydro, wind and geothermal power, the bank said in a statement.
“This bodes effectively for assembly the objective of $one hundred billion”, French global Minister Laurent Fabius informed a information convention after a session on the annual conferences of the Worldwide Financial Fund and World Financial institution in Lima.
The V-20’s members are Af-ghanistan, Bangladesh, Barbados, Bhutan, Costa Rica, Timor Leste, Ethiopia, Ghana, Kenya, Kiribati, Madagascar, the Maldives, Nepal, the Philippines, Rwanda, Saint Lucia, Tanzania, Tuvalu, Vanuatu and Vietnam. “The real question is about the shifting of the trillions”.
“If they stay on track, their female workforce will grow from 34 to 82 percent over the next decade, adding 1.8 percent to their GDP [gross domestic prodtct]”, he said.
The charity’s climate change policy expert Isabel Kreisler said finance ministers should agree at least half of “public funding going towards the $100bn goal should be for adaptation”.
The announcement comes just weeks before the 21st Conference of the Parties (COP21) to be held in Paris wherein representatives from across the globe will aim 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 $100 billion is a political number”, Christiana Figueres, the executive secretary of the U.N.-run talks. “But it must be respected”.
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Of particular interest is the fact that, while the report has excluded all financing related to coal projects from the aggregate estimate of funds mobilized, the authors of the report note that “Japan and Australia consider that financing for high efficiency coal plants should also be considered as a form of climate finance”.
