This post was co-authored with Jenna Blumenthal, an intern with WRI's Climate and Energy program.
As U.S. government officials take stock of last week’s Ministerial Meeting on Mobilizing Climate Finance and prepare for upcoming UNFCCC talks in Bonn, WRI’s Open Climate Network (OCN), along with Climate Advisers and the Overseas Development Institute, are taking a look back at U.S. efforts on climate finance. (See our new fact sheet).
Back in 2009, developed countries pledged to provide $30 billion in climate finance by the end of 2012 in order to help developing countries implement low-carbon, climate-resilient development initiatives. This funding period—which took place from 2010 to 2012—is known as the “fast-start finance” period.
Our analysis reveals two sides to the U.S. contribution of roughly $7.5 billion in fast-start finance: On one hand, it represents a significant effort to increase international climate finance relative to previous years, in spite of the global financial crisis. On the other, it is not clear that the entirety of the contribution aligns with internationally agreed principles, which stipulate that the finance be “new and additional” and “balanced” between adaptation and mitigation. In any case, the United States, along with other developed countries, is now faced with the challenge of scaling up climate finance to developing countries to reach a collective $100 billion per year by 2020.