Kamleshan Pillay, CDKN’s Climate Finance Lead, outlines three potentially game-changing initiatives to enhance private finance of climate action, in response to the release of the IPCC Special Report on Global Warming of 1.5°C. [more...]
Developing countries need an estimated US$100 billion per year in climate finance by 2020 to adapt to the negative effects of climate change and help them shift toward low-carbon development paths. Although this target was agreed by the international community in the 2009 Copenhagen Accords, the funds are still only partly committed by governments and only partly available on private markets. There is often a long lag before the committed money is disbursed.
CDKN’s vision is for an international climate finance system that is ‘fit for purpose’ – i.e. that will support the delivery of climate funds urgently needed by developing countries in the medium term, as well as meet commitments made in the UNFCCC context in the long term.
Individual countries must be able to access those funds effectively. They need the skills and institutional capacity to qualify for them, and must have systems in place for allocating the funds transparently among projects and programmes. The very significant potential of the private sector to provide investment capital for low-carbon development and climate adaptation projects must be unlocked if the world is to reach these ambitious climate finance targets and the underlying emissions reductions goals.
In support of this vision, CDKN:
1. Seeks to influence the evolution of the international climate finance architecture so that it benefits developing countries
2. Disseminates best practices and catalyses innovative partnerships among private sector actors and government decision makers in support of climate compatible development
3. Strengthens developing countries’ institutions and processes for gaining access to climate finance, allocating climate monies fairly, and monitoring and reporting accurately on climate investments.
Read our Special Edition of 'Climate and Development Outlook' on climate finance: this highlights recent results and learning from our projects.
See the stories below for more information or click here to see a full list of CDKN's projects in climate finance