Funding For Paris Agreement

The decision to adopt the Paris Agreement confirmed the target of industrialized countries to mobilize $100 billion per year between 2020 and 2025 for climate change initiatives in developing countries. The agreement provides that the balance between the financing of the reduction and the adjustment should be sought and that a new collective quantified target will be set before 2025. The complexity of “climate finance” manifests itself in data gaps and heated negotiations, characterized by different points of view: what makes climate finance “new and additional”; whether climate finance should be excluded from official development assistance (ODA); and the use of private sector investment to address climate finance needs. Although the agreement was welcomed by many people, including French President François Hollande and UN Secretary-General Ban Ki-moon,[67] criticism also emerged. For example, James Hansen, a former NASA scientist and climate change expert, expressed anger that most of the deal is made up of “promises” or goals and not firm commitments. [98] He called the Paris talks a fraud without “no deeds, only promises” and believes that only an interterritorial tax on CO2 emissions, which is not part of the Paris Agreement, would reduce CO2 emissions fast enough to avoid the worst effects of global warming. [98] The activities of the GCC focus on the priorities of developing countries, through the principle of country ownership, and the Fund has defined a direct access modality so that national and subnational organizations can obtain funding directly and not only through international mediators. For this reason, the EU and the Member States have set up a number of blending facilities combining grants and loans and covering different regions. AFD will devote at least €3 billion to the development of renewable energies in Africa over the period 2016-2020, this objective being part of the commitment of €5 billion per year in 2020.

To date, France`s contribution amounts to 46 projects for a share of €2.2 billion, i.e. 1.3 GW of new capacity and serving more than 2 million people. These funds will contribute to the development of the Africa Renewable Energy (AREI) initiative, which aims to provide 10 GW of renewable energy to Africa by 2020 and 300 GW by 2030. Recent discussions and reports assessing the effectiveness of climate finance flows to meet growing global needs show growing momentum to steer these flows towards the final goal of the UNFCCC. This policy letter contrasts these developments with the parties` objective of “reconciling” financial flows with the Paris Agreement on climate change. . . .

Responses are currently closed, but you can trackback from your own site.

Comments are closed.

Subscribe to RSS Feed Follow me on Twitter!