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Climate Finance Inflows into the Caribbean. Launch of the PANOS Caribbean Online Database & Its Establishment as a Regional Hub for Climate Change Information Montego Bay, Jamaica June 19-20, 2014. Pledges to climate funds in 2013 are 71% lower than they were in 2012 

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Climate finance inflows into the caribbean

Climate Finance Inflows into the Caribbean

Launch of the PANOS Caribbean Online Database & Its Establishment as a Regional Hub for Climate Change Information

Montego Bay, Jamaica

June 19-20, 2014

  • Pledges to climate funds in 2013 are 71% lower than they were in 2012 

  • Nearly sixty cents out of every dollar pledged has now been approved for viable projects.

  • Approved spending for mitigation in the entire developing world in 2013 was only slightly higher than Poland's annual spending on fossil fuel subsidies

  • Funding to reduce emissions from deforestation and degradation grew to a total of US$ 647 million in 2013, less than was spent on a single highway through the Amazon

  • Funding in response to German flood damage in 2013 was four times higher than the total sum of funding to help developing countries adapt to climate change since 2003

  • Public funding has not yet attracted as much private investment as expected: for every US$1 spent between 2010 and 12, only US$0.25 of private finance had been drawn in as of the beginning of 2012

  • Korea has pledged the most to the Green Climate Fund to date - US$ 40 million - ahead of all developed countries

  • Despite many meetings, we still don't know where Long-Term Finance - which is supposed to deliver US$ 100 billion by 2020 - will come from

  • Despite increasing austerity, Europe remains a leader on climate finance, providing 61% of total funds for multilateral finance to date

  • Total spending on Fast-Start Finance represents just 1.76% of global funding to respond to the 2008 financial crisis

Source: Climate Finance Update

Challenges in tracking funds
Challenges in tracking funds were in 2012 

  • Lack of data and varying metric for private vs. public flows

  • Collective vs. individual reporting ($100 B commitment v. UNFCCC)

  • Disbursements v. Commitments

  • Double counting

Lessons from fast start finance
Lessons from Fast Start Finance were in 2012 

  • Thematic Areas – Mitigation continues to be a priority

  • Bilateral vs Multilateral – UNFCCC Funds remain underutilized

  • Instruments – Less reliance on grant financing

  • Prioritization – SIDS, LDCs and Africa remain under- served

Green climate fund gcf
Green Climate Fund (GCF) were in 2012 

  • Created in 2010 at COP-16 in Cancun

  • Governing Instrument was approved at COP- 17 in Durban

  • Governed and supervised by a 24 member Board in Songdo, South Korea

  • The World Bank is the Fund’s Interim Trustee

  • Its Operational Guidelines have just been approved

Gcf the structure
GCF - The Structure were in 2012 

  • Scale and Impact

    • To make a significant and ambitious contribution to the global efforts to combat climate change

    • To promote a paradigm shift and help developing countries transform their economies and put them on a low emission and climate-resilient path.

    • Expected to become the main global fund for climate finance

  • Governance

    • An equal number of members from developed countries and developing countries including dedicated seats for SIDS and LDCs

  • Access

    • Recipient countries will be able to utilize direct access or access through international and regional intermediaries and implementing entities under the Fund

  • Allocation

    • Minimum floor for adaptation financing to SIDS, LDCs, Africa and other vulnerable developing countries

    • The allocation of resources will be balanced between adaptation and mitigation activities

What prevents greater uptake
What prevents greater uptake? were in 2012 

  • Donor focus on larger emerging economies

  • Burdensome access criteria

  • Lack of capacity and in-country expertise

  • Under-financing of regional priorities (adaptation)

  • High transaction costs

  • Lack of understanding of SIDS issues at the International level

  • Absence of a voice in decision-making in key international financial institutions