Financing Climate Change Adaptation and Mitigation for Sustainable Development

Paving the way to a sustainable future for the world requires investment in order to benefit from the long-term advantages of the changes made. In the preparations for the UN Cancun Climate Change Conference in December, financing to assistdeveloping countries to tackle climate change is one of the biggest issues up for debate. Last week, Switzerland’s top climate change negotiator, Franz Perrez, stated the need for a global fund to help poorer countries switch to green industrial technology. This recommendation came around the same time as Bjorn Lomborg, a renowned skeptical environmentalist, declared that $100 billion a year will be needed to fight climate change.

In an international climate change deal, developing countries need assistance in terms of financing. This needs to be a long-term investment agreement, to help developing countries to be able to start acting to mitigate the effects of climate change, such as droughts, floods, and rising sea levels, and to adapt their activities to slow the process of global warming.

In Copenhagen last year, it was agreed that a short term financing of $30 billion would be needed for the next three years, to help boost the momentum towards achieving a low carbon future, but a projected $100 billion a year is the target investment goal by 2020. Whilst the existing commitments for the 2010-2012 period amounts to a total of $29.8 billion, according to a recent Reuters report, most of this is just ‘old funding dressed up as new.’ For instance, Japan’s contribution, which consists of half of the total – $15 billion – actually derives from a previous partnership to clean energy that was established in 2008.

In the Copenhagen accord, it was agreed that a financing mechanism must be initiated. It is, however, yet to be decided who will pay, or how to raise the money. Environment ministers are hoping that these decisions will be made in Cancun in December at this year’s climate change negotiations.

$100 billion a year, or even the initial target of $30 billion, is a grand sum required from a global community that is trying to veer its way out of economic recession, especially when fingers are pointing in every direction as to who is most responsible for climate change. Additionally, environment ministers fear that the recent flaws in the scientific evidence of global warming will stall enthusiasm for investing in a climate change deal. However, Bjorn Lomborg’s recent declaration that climate change is ‘undoubtedly one of the chief concerns facing the world today’ that needs tens of billions of dollars a year to be invested into resolving it, should help to boost support for the cause.

Photo Credit: COP15 by UN Climate Talks

Original Post: www.justmeans.com/Financing-Climate-Change-Adaptation-Mitigation-for-Sustainable-Development/30036.html