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UK Mission to the United Nations

New York

London 09:31, 18 Oct 2012
New York 04:31, 18 Oct 2012
Last updated at 18:03 (UK time) 1 Dec 2010

Climate Change Finance

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Ice caps in Greenland

Updated 30 November:

The UN Secretary-General’s High-level Advisory Group on Climate Change Financing (AGF) has published its final report.  The report will be presented to the United Nations Framework Convention on Climate Change (UNFCCC)'s 16th Conference of Parties in Cancun, Mexico.   you can read the full report here.

The Advisory Group has concluded that achievement of the goal of mobilising US$100 billion per year by 2020 for adaptation to and mitigation of the effects of climate change will be challenging, but feasible.  The AGF identified a number of potential sources of finance, which can be summarized in four groups:

• Public sources for grants and highly concessional loans (including carbon taxation and auctioning of emission allowances, removal of fossil fuel subsidies, other new taxes such as a financial transaction tax, and general public revenues through direct budget contributions)

• Development bank-type instruments

• Carbon market finance

• Private capital

The AGF also stressed that the credibility of both developed and developing countries in raising and using resources will be greatly increased if there is confidence that these resources will be spent wisely, be quickly accessed and will produce results.
You can find out more about the Advisory Group on Climate Change Financing here.


Background

The UN Secretary-General set up the AGF in March 2010 to consider how new and existing sources (both private and public could be used to raise long term climate finance (i.e the $100 billion goal agreed in Copenhagen).

Gordon Brown was appointed as co-chair of the Group, serving in his then capacity as UK Prime Minister, together with Prime Minister Meles of Ethiopia. Following Gordon Brown's departure from government, the Norweigan Prime Minister, Jens Stoltenberg, took over as co-chair.

Other members (serving in their personal 'expert' capacity) include heads of government, other ministers and global figures such as Larry Summers, Nick Stern, George Soros and Montek Singh Ahluwalia. The UK government was represented on the Advisory Group by Chris Huhne, Secretary of State for Energy and Climate Change.

AGF principals have met in March (London), July (New York) and at a final meeting in 12 October (Addis Ababa). Deputies have met throughout the year, with working sessions held in several countries. Outreach was considered vital to the process of drafting the report, and Members of the Advisory Group consulted with numerous stakeholders, including Member States of the United Nations, representatives of civil society and the private sector.  Briefings were held throughout the drafting process at UNFCCC intersessional meetings.
 



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