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Monday, 11 April 2011

EC: $100 billion per year by 2020 for climate "challenging but feasible"

A Commission staff working document on "Scaling up international climate finance after 2012" confirms that raising USD 100 billion per year by 2020 will be challenging but it can be done, if the right balance is struck between public funding, funding raised from international carbon markets, as well as private funds, partly leveraged by development banks. Climate funding and development aid need to go hand-in-hand and it requires strong international coordination to ensure an efficient spending. Connie Hedegaard, Commissioner for Climate Action, said: "The EU is already well on track to deliver its fast start funding for the period 2010-2012. And we will also contribute our fair share to climate funding in the long run. Both private and public sources of financing from the EU and other developed countries are essential to support actions for reducing emissions and adapting to climate change in developing countries." Olli Rehn, Commissioner for Economic and Monetary Affairs, emphasized that "many advanced economies will face serious fiscal constraints in the years to come. Therefore this cannot be paid by public money alone. We need to rely also on innovative sources of financing, in particular, in the private sector and carbon markets. We should make good use of innovative financing mechanisms in close cooperation with development banks." […] Several of the public sources related to carbon pricing assessed in the AGF report are already in place in the EU or will be increasingly used in the next years. Other public sources, such as taxes on international maritime and aviation transport, or on financial transactions, would require more global cooperation. The carbon market can deliver a substantial contribution if, in addition to improvements in the existing Clean Development Mechanism, sectoral carbon market mechanisms are introduced. Private finance will also have a key role in scaling-up international climate finance. Multilateral and other development banks can further leverage these sources of climate finance.

Source: European Commission