Climate change fund

Climate change fund

The impacts of climate change have started and the world’s poorest people are likely to be hit first and hardest. Recent researches have estimated the costs of climate change mitigation and adaptation to global warming at around US$ 200 to US$ 210 billion and US$ 28 to US$ 67 billion, respectively, by 2030[1].

It is widely recognized that there is a huge funding gap between what is needed and what is available to climate change. This requires a diverse array of funding schemes, ranging from public and private sources, as well as new and innovative mechanisms. In addition, for a successful agreement to be reached at the December 2009 United Nations Climate Change Conference in Copenhagen, sufficient financial resources must be provided to enable its implementation.

Contents

International Public Funds

The provisional of financial resources to address climate change is an integral part of the UNFCCC. The article 4.3 of the convention outlines that developed countries should provide financial resources to pay for the costs incurred by developing countries. In addition, these funds should be new and additional to existing Official development assistance (ODA), as well as adequate and predictable. Recently, there has been a proliferation of new funds to support climate change programmes in developing countries, created by bilateral and multilateral initiatives.

Multilateral Funds

GEF

World Bank

UN

Bilateral Funds

Private Climate Change Funds

Many European public banks and private firms or organization like CDC Climat provide funds to private parties or banks in developing or poor countries to implement projects in all sectors .Karmanya energy and infrastructure(P) LTD.is controlling 6 million EIP fund in India to implement JI projects in energy efficiency sectors in India

New and Innovative Climate Change Funding

Also see

References

  1. ^ Mitchell T., Anderson, S. and Huq, S.: "Principles for Delivering Adaptation Finance". Institute of Development Studies, 2008.

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