The UN's high level advisory group - including eminent representatives from the UK (Chris Huhn and Nicholas Stern) and leading international figures including the President of Norway, Managing Director of the World Bank, George Soros and many others) has published its report (Climate Change Financing) on how funding can be raised to create a more climate resiliant economy and mobilise adequate funds toaddress the needs of developing counties by 2020. Here is an extract from te introduction: -
"As concentrations of greenhouse gases in the atmosphere continue to grow to ever more worrying levels, and adaptation becomes more and more challenging, action on climate change is urgent. Climate finance is key to that action, but will make a fundamental difference only if linked to a wider programme of measures agreed
among nations. These measures are the foundation for the transformation of our economies and for a climate -resilient future.
At the United Nations Climate Change Conference in Copenhagen in 2009, political leaders emphasized their strong political will to urgently combat climate change in accordance with the principle of common but differentiated responsibilities and respective capabilities. Scaled-up, new and additional, predictable and adequate funding, as well as improved access , shall be provided to developing countries, in accordance with the relevant provisions of the United Nations Framework
Convention on Climate Change. In the context of meaningful mitigation actions and transparency on implementation, developed countries committed themselves to a goal of jointly mobilizing US$100 billion a year by 2020 to address the needs of developing countries.
The Secretary-General of the United Nations established the High-level Advisory Group on Climate Change Financing in February 2010. Following its terms of reference, the Advisory Group worked around the goal of mobilizing US$100 billion per year by 2020.
The Advisory Group concluded that it is challenging but feasible to meet that goal.
Funding will need to come from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance, the scaling up of existing sources and increased private flows. Grants and highly concessional loans are crucial for adaptation in the most vulnerable developing countries, such as the least developed countries, small island developing States and Africa."