abcg October 17, 2016 0

STATEMENT: Developed Countries’ Roadmap Shows Path to $100 Billion Climate Finance Goal

WASHINGTON (October 17, 2016)–Developed countries today released a roadmap for how they will meet their commitment to mobilize $100 billion of climate finance per year by 2020 to support developing countries. The roadmap projects that public climate finance will reach $67 billion by 2020. To estimate mobilized private finance, it uses a similar approach as recommended by WRI in our 2015 working paper, Getting to $100 Billion: Climate Finance Scenarios and Projections to 2020, which projects scenarios based on different assumptions. Including both public and private finance, developed countries estimate they will mobilize between $77 billion and $133 billion total by 2020.

Following is a statement from Paula Caballero, Global Director, Climate Program, World Resources Institute:

“The roadmap shows a positive upward trend in climate finance. While it makes clear that we don’t have a complete picture of finance flows, it shows that with continued concerted action to mobilize finance, the $100 billion goal is clearly within reach.

“With the Paris Agreement’s rapid entry into force, and last week’s landmark deal to cut HFC greenhouse gases, countries are signaling their will to take decisive action to tackle climate change. This must be urgently met with increased support to help developing countries reduce emissions and deal with the impacts of climate change, which are already being felt by vulnerable communities around the world.

“We welcome this effort by developed countries to enhance transparency and predictability around their future climate finance flows.

“All developed countries must ensure their climate funding continues to grow in line with their pledges and projections. By continuing to increase transparency about future levels of funding, they can boost confidence that the $100 billion goal will be met on time, in a fair and robust way.

“In Paris last year, countries called for significantly increasing support for adaptation, and we are pleased to see the roadmap give attention to how adaptation funding will be scaled up.

“We look forward to the next round of climate negotiations in Marrakech this November, where a key focus will be on concrete ways to ensure developing countries receive the financing they need to achieve increasingly ambitious climate goals.”

Read more WRI analysis on climate finance priorities for Marrakech here.

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