Nov 03, 2010 - 9:15am
Finance is central to international negotiations on climate change. The Copenhagen Accord, supported now by more than 120 countries, states that, "developed countries commit to a goal of mobilizing jointly $100 billion a year by 2020 to address the needs of developing countries".
While this sum falls short of credible estimates of 2020 developing country costs and the Accord does not state how the finance will be raised, it is now taken by many to represent an international climate financing target. Perhaps because of existing obligations under the UNFCCC, the debate about how and how much climate finance will flow from developed to developing countries has always been highly politically charged.
Without clean energy investment, it is hard to envisage the shift to low-carbon economies ever moving from rhetoric to reality. This study, by the Global Climate Network (GCN), looks in detail at specific technologies and their capital costs in four developing countries, and finds that 2009 levels of investment must, on average, double between 2010 and 2020 if the clean energy ambitions of the governments of those countries are to be met.
The GCN, of which The Climate Institute is a member, is a collaboration of independent, influential and progressive research and policy organisations in countries key to tackling climate change. The network is committed to addressing the constraints faced by sovereign governments in agreeing international action.