South Africa has today tabled its climate action plan for Paris, committing to put a lid on rising emissions through to 2030. How low they are able to plateau will depend on international support meaning so climate finance will be key to unlock greater ambition, says Oxfam.
The European Commission today published – as part of its “summer package” – a legislative proposal to reform the EU Emissions Trading Scheme (ETS). The Commission has failed to use this key opportunity to help address a key stumbling block in the climate negotiations: the provision of predictable and additional climate finance.
Negotiators avoided a show-down over crunch issues like finance and increasing near term emissions cuts, but they are only delaying the inevitable. A clearer mandate from Heads of State and ministers is needed to ignite the talks and ensure key questions are answered.
Norway's announcement of $230 million USD welcomed, but still a long way to go to reach the Fund's unofficial goal of $10 billion.
The UNFCCC report on climate finance says that between $340 and $650 billion in finance for climate action is flowing globally with $40-175 billion going to developing countries each year. This report on climate finance makes one thing abundantly clear: only a small proportion of climate finance is flowing from developed countries to developing countries.
Observers at UN Climate talks in Lima have called for strong and clear rules relating to climate finance after a scandal shows Japan is claiming funds to a coal-power plant as being ‘green.'
This paper suggests a new approach that recognizes the failings of the current climate finance regime and is better informed by needs and opportunities at the national level.
In response to the speech by President Obama at Ban Ki-moon’s UN Climate Summit, Raymond C. Offenheiser, President of Oxfam America said,