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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
  • 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
  • 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)
  • 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
  • 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?
  • 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