UNFCCC Executive Secretary Calls for Greater Access to Climate Finance
story highlights

In an analysis published on the Group of 7/Group of 20 (G7/G20) website, UNFCCC Executive Secretary Christiana Figueres focuses on the role the G7 should play in financing the transition to a low-carbon global economy.

Figueres calls on the G7 "to help orchestrate" the build-up of the US$100 billion in climate finance that the developed world has agreed to provide annually by 2020, and to contribute to the global framework that will "green capital at levels high enough to transform the economy".

Christiana Figueres, UNFCCC Executive Secretary28 April 2015: In an analysis published on the Group of 7/Group of 20 (G7/G20) website, UNFCCC Executive Secretary Christiana Figueres focuses on the role the G7 should play in financing the transition to a low-carbon global economy. Figueres calls on the G7 “to help orchestrate” the build-up of the US$100 billion in climate finance that the developed world has agreed to provide annually by 2020, and to contribute to the global framework that will “green capital at levels high enough to transform the economy.”

As noted in the analysis, the UNFCCC’s Standing Committee on Finance has estimated global climate finance flows at between US$340-650 billion annually for the period 2011-2012. Figueres points out that the transition to a low-carbon world could require investments closer to US$1 trillion annually over the next 10-15 years. The G7, which will hold its next summit in June 2015, and the G20, scheduled to meet in November 2015, can send “unequivocal signals to global markets on the kind of investment future they wish to see,” according to Figueres.

While highlighting the major gains in renewable energy investment, especially growth in clean energy investment in emerging economies, disbursements by the World Bank’s Climate Investment Funds (CIF), increased financing for green infrastructure, new financial tools, initiatives announced at the UN Secretary-General’s Climate Summit, the operationalization of the Green Climate Fund (GCF), and even South-South finance flows, Figueres warns that this progress is still not enough to prevent global average temperatures from rising above 2°C compared to pre-industrial levels.

Figueres draws attention to the gaps, uncertainties and imbalance in the current state of climate finance: the need for adaptation finance far exceeds the availability; regions such as Africa, the Middle East and South Asia are falling behind others in attracting both domestic and foreign investment; and least-developed countries (LDCs) are among the most vulnerable, yet may not be receiving the full assistance needed.

Underscoring that the expected 2015 universal climate change agreement must ensure that greenhouse gas (GHG) emissions peak in approximately ten years and the world follows a path of deep decarbonization subsequently, Figueres urges the political forums of the G7 and G20 to use their full potential to help unlock green investment and prepare countries to adopt a climate change agreement that will trigger the transition to a green global economy. [Publication: Financing the Transition to a Green Global Economy]


related events


related posts