Keeping the Climate Finance Promise

That is why climate advocates are increasingly looking for other means of triggering action. Finance is at the top of their list.

PARIS Most people hate finance, viewing it as the epitome of irresponsibility and greed. But, even after causing a once in a century recession and unemployment for millions, finance looks indispensable for preventing an even worse catastrophe climate change.

Money spent on sustainable development and climate action should be mutually reinforcing. And finance ministries in developing countries should reaffirm that, in addition to fostering growth and poverty reduction, wise action to mitigate climate change can lower levels of air pollution and raise energy efficiency.

The year 2015 will be a turning point in the effort to create a global financial system that contributes to climate safety rather than climate ruin. In July, the world s governments will meet in Addis Ababa to hammer out a new framework for global finance.

United Nations Secretary General Ban Ki moon s High level Advisory Group on Climate Finance (AGF), which we chaired, was established to identify practical proposals for how developed countries can mobilize this level of climate financing by 2020. The 21 member group included heads of state and ministers from both developed and developing countries, representatives from international organizations, experts on public finance and development, and leaders from the private sector.

Developed countries made no individual commitments, and the starting year for funding adaptation assistance remains unclear. We must keep the pressure on to make sure that the promised climate finance is sufficient to enable the least developed countries to adapt to present and future climate change.

Such carbon finance can also tackle deforestation, which represents about 20 of the global CO2 emissions causing climate change. A forest carbon facility can reward forest conservation as a means of protecting the climate while also preserving ecosystems and generating income for poor communities in developing countries.

Decides that the Special Climate Change Fund shall be used to finance activities, programmes and measures relating to climate change in the areas set out in decision 7 CP.7, paragraph 2 (c), that are complementary to those funded by the resources allocated to the climate change focal area of the Global Environment Facility and by bilateral and multilateral funding particularly in the following priority areas

Decides that the Special Climate Change Fund shall be used to finance activities, programmes and measures relating to climate change in the areas set out in decision 7 CP.7, paragraph 2 (d), that are complementary to those funded by the resources allocated to the climate change focal area of the Global Environment Facility and by other bilateral and multilateral funding particularly in the following areas

It is crucial that this new climate finance be used to complement the even larger investments in sustainable development that will be necessary over the next few decades. A central aim for climate financing should be to establish and implement the policies, regulations, and frameworks that will create the appropriate incentives for investors.

Climate Science or Climate Evangelism?

While trade was critical to growth, a number of other factors, both internal and external, must be addressed, including the level of ODA, especially in a climate of generally decreasing external finance to developing countries.

Shenzhen recently held a special training on finance and tax for the Internet finance industry, with finance and tax experts offering suggestions to the city's Internet finance enterprises.

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Likewise, the Bank of England is undertaking important work on the risk that assets like coal or oil reserves could be stranded by policy changes intended to limit dangerous climate change. And the G 20 finance ministers recently requested that the Financial Stability Board undertake a broad assessment of climate related risks and opportunities.

The Changing Climate On Climate Change

The G 20 Summit in Antalya will address these and other major issues confronting the world. Whether the subject is economics, finance, climate change, or politics, the guiding principle must be equality and justice for all.

(4) assessing enterprise finance, monitoring the operation status of enterprise finance

Vice Ministry of Public Investment and External Finance (Ministry of Finance)

5 World Bank, Global Development Finance Mobilizing Finance and Managing Vulnerability.

7 World Bank, Global Development Finance Mobilizing Finance and Managing Vulnerability.

Countries also promised to work harder to protect the world s most vulnerable, by aiming to limit average global warming to as little as 1.5º Celsius above pre industrial levels. And developed countries pledged at least 100 billion of annual climate finance to help the least developed countries cut their carbon emissions and prepare for climate change.

Finance Agonistes

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Finally, there is the global level. The spread of infectious disease, global trade and finance, climate change, nuclear non proliferation, counterterrorism, and cyber security are just some of the issues that require broad international cooperation and global governance.

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So we've got these challenges, and what Richard Thaler and I were always fascinated by take behavioral finance, make it behavioral finance on steroids or behavioral finance 2.0 or behavioral finance in action flip the challenges into solutions.

Deregulated and open financial markets would not only increase the availability of investment finance both domestic and foreign, it would also help create a more stable and disciplined investment climate, and free deficit countries from the unpredictable politics of ODA flows.

9 See, for example, World Bank, Global Development Finance 2005 Mobilizing Finance and Managing Vulnerability.

experiencing stresses from current climate and climate related events and phenomena that could be exacerbated by future climate change.

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