Six months after donors vowed to provide USD100 billion in “new and additional” climate financing at the Copenhagen summit, cold hard cash has yet to be provided. If a binding international agreement for climate-resilient development is to be achieved, adequate financing is needed, the Africa Progress Panel said.
In a new report, which was due to be launched June 30 at the Africa Energy Forum in Basel, Switzerland, the panel called on member nations of the Organization for Economic Cooperation and Development’s Development Assistance Committee to:
- Deliver on the committed start-up climate funding of USD10 billion each year starting 2010.
- Quantify their share of the USD100 billion climate aid pledge and set an interim target of mobilizing USD50 billion by 2015.
- Commit predictable, clearly identified sources of financing.
- Use disbursement mechanisms such as the proposed Copenhagen Green Climate Fund to minimize transaction costs and maximize the use of funding.
- Provide new funding, supplementary to existing and pledged assistance.
- Employ clear price signals and incentives through policies such as emissions trading schemes in rich countries to encourage private financing for climate mitigation measures.
The report also urged emerging nations such as Brazil, South Africa, India and China to contribute over time to multilateral mechanisms that back climate initiatives in the poorest nations.
African nations and other countries vulnerable to adverse impacts of climate change, meanwhile, need to identify priority projects and foster accountability and private sector participation, according to the report.