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How Can We Pay for Green Growth? New Report Provides Answers

In a little more than one generation—by the time your grade-schoolers will be seeing their own kids off to school—our planet will be home to 9 billion people. This will create an unprecedented demand for water, food, and energy--and stress the supporting infrastructure required for life in the 21st century. How are we to meet this demand while respecting planetary boundaries? And importantly, how will we pay for it?

A recent publication by the Green Growth Action Alliance (G2A2), aims to provide some answers. WRI and others provided guidance, case studies, research, and data to the publication, The Green Investment Report: The ways and means to unlock private finance for green growth. The findings were discussed widely at the recent World Economic Forum meeting in Davos.

Under current OECD growth projections, the world will need to invest $5 trillion annually until 2020 in the water, agriculture, telecommunications, power, transport, buildings, industrial, and forestry sectors. However, solely delivering this investment to maintain “business-as-usual” economic growth will not lead the world onto a sustainable growth path. We need to find ways to “green” our growth to cope with resource scarcity and alleviate risks from climate change and environmental degradation. Greening this investment will require a mix of appropriate policies and capital. The lion’s share will need to come from the private sector, given the scale required.

The “Green Investment Report” estimates that an additional $700 billion will be needed annually to green the business-as-usual investment in the global economy. This is a large sum, but relatively insignificant compared to the cost of inaction as negative environmental impacts increasingly take their economic toll.

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Climate Change Adaptation in Rural India: A Green Infrastructure Approach

Water is a scarce resource in India, especially in the state of Maharashtra, where most rainfall is limited to the monsoon season from June through September. The Government of India has long promoted a Participatory Watershed Development (PWD) approach to deal with this scarcity.

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Where Is Climate Adaptation Funding Going? A New Project Aims to Find Out

Experts say that developing nations could require more than $100 billion for adaptation each year. Developed countries say that they have already delivered more than $33 billion so far towards this climate adaptation funding.

However, some question whether these funds are going to the right places and meeting real needs. Is adaptation finance being directed towards the nations that need it the most? Is it being used to support projects that will allow people to adapt to climate change’s impacts?

We currently don’t have adequate answers to these questions—but we hope to soon. At the recent UN climate change negotiations in Doha, Qatar, Oxfam, the Overseas Development Institute (ODI), and WRI launched the Adaptation Finance Accountability Initiative to help civil society organizations find out where adaptation finance is really going.

The Question Is: Where Should Adaptation Finance Go?

The easy answer is that adaptation finance should go to activities that strengthen the resilience and reduce the vulnerability of countries most susceptible to climate change’s impacts. People in developing countries will likely be hit hardest by global warming.

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While Congress Dawdles, Florida Counties Show Leadership on Addressing Climate Change

"Think globally, act locally" is a slogan that aptly describes what I witnessed last week at the 4th Annual Southeast Florida Climate Leadership Summit. At the event, local government officials from four counties gathered to discuss how to mitigate and adapt to climate change’s impacts.

Yep, you heard that correctly – government officials in the United States—in a “purple” state, no less—came together in a bipartisan manner to address climate change mitigation and adaptation. In fact, mayors, members of Congress, county commissioners, and officials in charge of water issues in the state discussed how to move forward with action plans in response to sea-level rise – a climate change impact which is not theoretical, but happening now.

Putting Aside Partisanship for Action

Unlike Congress, these public officials aren't debating the facts of climate change and its impacts or whether we should act. They see current effects and understand that in the face of streets flooding more regularly, drinking water supplies threatened by salinization, and models showing that some neighborhoods could become uninhabitable, what political party you support is irrelevant. Climate change impacts like sea level rise don't discriminate between Democrats and Republicans.

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Fast-Start Finance: Where Do We Stand at the End of 2012?

This piece was co-authored with Smita Nakhooda of the Overseas Development Institute, with inputs from Noriko Shimizu (IGES) and Sven Harmeling (Germanwatch).

Developed countries self-report that they have delivered more than $33 billion in fast-start climate finance between 2010 and 2012, exceeding the pledges they made at COP 15 in Copenhagen in 2009. But how much of this finance is new and additional? Developing countries and other observers have raised questions about the nature of this support, as well as where and how it is spent. Independent scrutiny of country contributions can shed light on the extent to which fast-start finance (FSF) has truly served as a mechanism to scale-up climate finance. Our organizations have analyzed the FSF contributions of the United Kingdom, United States, and Japan, and analysis of Germany’s effort is forthcoming.

Our analysis revealed four key insights into the FSF experience:

1) Developed Countries Have Ramped Up Climate Support

The FSF period has been a difficult one: Developed countries pledged their climate finance support at the advent of unprecedented economic difficulty brought on by the 2008 financial crisis. Nonetheless, developed countries have sustained support for climate change adaptation and mitigation in developing countries, despite fiscal austerity measures that have substantially cut back public spending. Indeed, all of the countries we reviewed appear to have significantly increased their international climate spending since 2010.

In many cases, data limitations impede a direct or accurate comparison of fast-start spending to related expenditures before 2010. But the UK appears to have increased its climate finance four-fold relative to environment-related spending before the FSF period. Germany has nearly doubled climate-related finance. Japan previously mobilized $2 billion per year in climate finance through the Cool Earth Partnership; under FSF, it reports average spending of more than $5 billion per year. Finally, through its Global Climate Change Initiative, the United States has increased core climate funding from $316 million in FY09 to an average of $886 million per year in FY10 to FY12.

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Rebuilding Cities After Sandy: 3 Keys to Climate Resilience

As negotiators in Doha move toward a new global climate agreement this week, politicians and planners in the United States are still busy absorbing the lessons of Hurricane Sandy.

With half of all Americans living near the ocean, Hurricane Sandy provides a wake-up call for state and municipal authorities in coastal areas nationwide. New York’s Governor Andrew Cuomo is leading the way, pledging a new generation of storm-resistant infrastructure and forming three commissions to explore how the state can better prepare for climate change’s coming impacts.

Sandy wrought a 1,000-mile trail of damage in towns and cities along the East Coast shoreline. As climate change intensifies, more severe storms (and storm surges), rising seas, extreme heat, and other destructive impacts loom on the horizon. How can New York City; Newark, N.J.; and other cities hit by Sandy rebuild in ways that avoid a repeat of the devastation that deprived millions of the basic essentials of modern life? How can other coastal cities adapt to become more resilient to a warming climate?

Put simply, they need to “build back better,” a phrase first coined by President Clinton following the 2004 Asian tsunami. In practice, this means coupling short-term efforts to get communities back on their feet with longer-term urban development that adapts to expected climate change impacts.

As they seek to make our coastal cities and towns more climate resilient, urban leaders should adopt three key approaches that we believe will be critical to success:

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Why Businesses Must Focus on Climate Change Mitigation AND Adaptation

This week, Hurricane Sandy drew attention to the increasing climate-related risks for communities and businesses.

More and more companies are recognizing and reporting on actions they’re taking to “mitigate” climate change, reducing greenhouse gas (GHG) emissions through energy efficiency, renewable power, and cleaner vehicles. Now, businesses are finding they’ll also need to “adapt” to more volatile conditions and help vulnerable communities become more resilient. Adaptation means recognizing and preparing for impacts like water stress, coastal flooding, community health issues, or supply chain disruptions, among other issues.

WRI discussed why businesses need to embrace mitigation AND adaptation strategies at the recent Net Impact conference, where I sat on a panel entitled: “Climate Change Adaptation: Mitigating Risk and Building Resilience.” Dr. David Evans, Director of the Center for Sustainability at Noblis, moderated the panel. Other panelists included Gabriela Burian, Director for Sustainable Agriculture Ecosystems at Monsanto, and John Schulz, Director of Sustainability Operations at AT&T.

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Why Is Choosing a Host Country for the Green Climate Fund Such an Important Decision?

The second meeting of the Green Climate Fund (GCF), the institution that’s expected to become the main global fund for climate change finance, will take place tomorrow in Songdo, Korea. While the Board will discuss several issues—everything from criteria for its executive director to hammering out a work plan—one is likely to take center stage: choosing the Fund’s host country.

Six countries are currently vying for the role: Germany (Bonn), Korea (Songdo), Mexico (Mexico City), Namibia (Windhoek), Poland (Warsaw), and Switzerland (Geneva). The decision is an important one—the appointed country will be tasked with providing a home for one of the main vehicles to help the world’s most vulnerable nations mitigate and adapt to climate change.

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