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Wednesday, 28 October 2015

COP21: Climate finance to benefit developing countries

Climate finance of all kinds now enjoys broad support and could be the ace up the sleeve of many developing countries ahead of the Paris Climate Conference (COP 21) . It has become clear that the success of the COP 21 hinges on the question of finance, without which the world will surely fail to wean itself off carbon. Developed countries have promised to provide $100 billion per year to help poor countries with the sustainable energy transition and to deal with the effects of climate change. This point took centre atsge at the recent IMF and World Bank meetings in Lima. So far, $87 billion had been secured: $62 billion of public and private funds (mobilised by financial leverage) reported by the OECD and $15 billion promised by development banks in Lima. However, many NGOs question the exact nature of the $100 billion fund is just as vague e.g. 16% of the funds covered by the OECD report are in the form of grants.  Rachel Kyte, the World Bank's special envoy for climate change, warned that the decarbonisation of the economy could burst the "carbon bubble" that has formed due to massive investments in carbon intensive industries. Nonetheless, Sweden remains a positive example ahead of COP21. After having introduced the carbon tax in 1990, it has cut emissions by 23% and its economy has grown by 60%.