Finance Working Group

Many developing countries lack the resources to properly address the profound challenges of climate change. For this reason, developed countries have long promised to provide support to help developing countries limit their emissions and adapt to the impacts of climate change. Yet for the most part, the assistance that has been provided to date has been inadequate to meet the challenge. The CAN Finance Group coordinates advocacy and policy work around the need to rapidly scale up support for climate action from developed countries directly, and through new, innovative sources of finance. The group’s main focus is to ensure that sufficient support is available for developing countries to reduce their emissions as required to stay below 2 degrees/1.5 degree temperature rise, and to help countries adapt to climate effects that are already inevitable. Towards this end, the group works to strengthen financial commitments within the UNFCCC and other venues, and to ensure that the Green Climate Fund is an effective and appropriately funded vehicle for delivering climate support to developing countries.

For more information please contact:
Kashmala Kakakhel, WEDO, kashmalakakakhel@gmail.com
Lucile Dufour, Réseau Action Climat France, lucile@rac-f.org 
Eddy Pérez, Climate Reality, eperez@climatereality.ca

CAN Submission: Intended Nationally Determined Contributions (INDC), October 2014

Governments at COP19 in Warsaw agreed to “initiate or intensify preparations of their intended nationally determined contributions” (INDC) to meet the ultimate objective of the convention. It was also agreed that governments in ‘a position to do so’ would submit their INDCs by March 2015. At the Climate Summit in New York, the commitment to come forward with INDCs was further reiterated. Even though there is broad agreement on the need to submit INDCs much ahead of COP 21 in Paris, there is still not enough agreement on the shape of these INDCs.

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ECO’s Climate Summit expectations

As the UN Secretary General’s Climate Summit approaches, we are sure Parties, investors and businesses are wondering how to pack their bags and appropriately prepare for New York this September.

ECO would like to help. We know that Parties sometimes struggle with long lists of things they need to prepare. There is a regrettable tendency for some Parties to forget what they have already packed interventions in their bags already, or to wear old items of clothing in the hope that we don’t notice that it’s just the same old thing refashioned.

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Adaptation Fund overlooked because there’s a new kid in town?

While we all breathlessly wait for big money to hit the GCF (US$15 billion in pledges is expected by the end of this year), ECO would like to remind everyone that there are other funds in dire need of money too. One of them, the Adaptation Fund, which has projects ready to be implemented in vulnerable countries such as Ghana, Mali or Nepal, is now just waiting for the resources to get those projects started.

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Renewables save money, lives and jobs

ECO is excited about the many voices in favour of a future powered by renewable energy. On Thursday, it was UNEP’s turn to explore the role of renewables and energy efficiency (RE & EE) in achieving Sustainable Energy for All. Their side event presented, among other things, findings from the International Renewable Energy Agency’s (IRENA) REMAP 2030 study.

ECO finds some of the findings so cool that they should be printed on T-shirts, so we did:

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Putting climate finance needs in context

Full points for the moderators of the Long Term Climate Finance discussions yesterday for trying to inject some energy into the rather stale discussions of scaling up finance to meet the commitment of US$100 billion by 2020. Their chosen format of “world café discussions” with participants encouraged people to circulate between the four small group discussions in Salon Beethoven.

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Taking Stock: Over 60 countries in favour of phasing out emissions!

Today, the ADP will meet to take stock of the progress made so far. When this session started, ECO announced its vision: in Paris countries have to commit to phasing out fossil fuel emissions and phasing in a 100% renewable energy future for all by mid-century.  In addition to really ambitious mitigation and financial commitments for the 2020-2025 period, of course! 

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Should Carbon Majors contribute to loss and damage costs?

Developed countries: do you often wonder how you can help vulnerable countries meet the mounting costs of climate change through loss and damage, given the fiscal challenges you’re facing at home?  

Vulnerable countries: do you despair that the costs of loss and damage will never be met by anyone other than those suffering the impacts?   

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Finance in the INDCs – a guide for the perplexed

On the eve of the finance discussion in the ADP today, ECO has been hearing a common refrain in the hallways of the Maritim: “What could countries possibly put in the INDCs on finance (and isn’t it better to just drop the whole idea)?”.

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