Climate Home (Blog)
By Ed King
World Bank chief Jim Kim addresses the press ahead of the 2015 annual meeting in Lima, Peru (Pic: World Bank/Flickr)
Late Friday, the World Bank announced it was boosting its climate finance offering from 21% up to 28% of the group’s funding – with support of its members (188 countries).1
The pledge means funds could potentially rise from a projected US$16 billion in 2020 to $29 billion and means there’s progress towards generating $100 billion a year by 2020 to help poor countries cope with future impacts.
“We are committed to scaling up our support for developing countries to battle climate change,” said the bank’s chief Jim Kim. “As we move closer to Paris, countries have identified trillions of dollars of climate-related needs. The Bank, with the support of our members, will respond ambitiously to this great challenge.”
Incidentally, the Bank’s top donors are the US, Germany, UK and France.
It was one of many during a busy climate finance session on day one of the IMF/World Bank annual meet, taking place in Lima, Peru this year.
The European Bank for Reconstruction and Development (EBRD) said it would increase the share of funding for climate projects from 25% to 40% of its overall pot. The African Development Bank said it was aiming to distribute $5 billion of low carbon funds by 2020, and the Inter-American Development Bank announced a doubling of funding for 2020.
All major development banks signed up to a pledge to screen new projects for climate risk by 2018.
Oxfam climate finance analyst Tim Gore had this take on the promises
Morocco
As the greenbacks fly in Lima, top negotiators from 50 countries are flying into Rabat, Morocco for two days of talks on a global climate deal.
The aim of the EU-convened summit is to assess how ambitious the current raft of (150 or so) national climate plans are ahead of December’s Paris meet. I could have told tell them before they flew: not very.
Still – the meeting is interesting not least because senior officials from the US, China, India, Brazil and EU will be there.
It’s effectively an extra two days of talks before next week’s UN negotiations in Bonn, plus a chance to work out how they can boost the ambition of these plans. Our preview is here – we’ll have coverage on Monday and Tuesday.
Speak loudly, carry no stick
Will Paris be like a toothless Lion? Reuters’ Alister Doyle – who has covered these talks longer than perhaps… anyone – has this take on the bindingness of a proposed Paris deal.
It’s a must-read… here’s a snippet: “Negotiators have several terms for the way they plan to enforce any deal reached at global climate talks in Paris this December. “Peer pressure” and “cooperation” are a couple. “Race to the top” is the American buzzword. What you won’t hear mentioned is the word “sanctions”. Or “punishment”.
50 days till Paris
Can you contain yourself? The organisers cannot. They have published an article outlining the “5 reasons to hope an agreement” (sic). These include the 150-odd national climate plans(1). What’s in the action plans (2). 30 world leaders saying they are up for it (3). Developed counties committing to raising $62 billion in 2014 (4. – not forgetting the role here of development banks and the private sector). And 4,280 commitments from cities, companies, investors (5).
Phew: CO2 makes world greener
Everyone’s favourite climate sceptic think tank has a world exclusive. CO2 is good for the planet.
A paper produced by the Global Warming Policy Foundation (which may or may not be peer reviewed by eminent scientists) says we should all chill out as carbon emissions are making the world greener. This, it seems to me, is jolly good news for green groups.
Yeb Sano trek
Meanwhile, back on Planet Earth, former Philippines climate envoy Yeb Sano continues his pilgrimage to Paris from Rome. Yeb could have caught the train, a bus or a plane, but he is walking all the way. We’ll be speaking to him this week.
COP21 briefing
Confused about December’s UN climate summit? Wondering what all the fuss is about? Sceptical it will deliver a deal? Wherever you’re sitting (even on the fence) we will have it covered in an exclusive briefing with the E3G think tank and consultants PwC on Thursday from 9am BST.
