The report outlines financing options that are both financially feasible and politically viable to reach the goal of raising US$100 billion a year by 2020.
5 November 2010: UN Secretary-General Ban Ki-moon has received the final report of his High-Level Advisory Group on Climate Change Financing.
The Group was mandated by the UN Secretary-General to identify new, innovative and additional sources of financing to meet the goal set by industrialized countries at the UN Climate Change Conference in Copenhagen in December 2009 of US$100 billion a year by 2020. Those funds aim to assist developing countries to bolster climate resilience, curb greenhouse gas (GHG) emissions and strengthen sustainable development. The Group’s final report outlines financing options that the Advisory Group indicates are both financially feasible and politically viable. Prime Ministers Jens Stoltenberg of Norway and Meles Zenawi of Ethiopia, speaking as Co-Chairs of the High-Level Advisory Group, said meeting that goal by 2020 would be a “challenging but feasible” task.
In order to reach the 2020 goal, Ban called for sustained political will, appropriate public-policy signals for the markets and financial ingenuity, underlining that “there is no silver bullet — no ‘one size fits all’ solution for raising these funds.” The report underscores that grants and highly concessional loans are essential for adapting to climate change in the world’s most vulnerable countries, including small island developing States (SIDS). [Advisory Group on Climate Change Financing Website] [Ban’s Statement] [UN Press Release] [UN Webcast] [Press Conference on the Final Report]