WASHINGTON— On November 20, 2014, countries held a pledging conference of the Green Climate Fund in Berlin – where countries announced their financial commitments to the Fund. These funds will be used to support vulnerable countries to respond to the mounting risks of climate change, and to reduce emissions that cause climate change.
Recently the world took two giant steps toward reaching a global agreement to fight climate change in 2015: a landmark U.S.-China accord and a $4.5 billion pledge to the Green Climate Fund by the United States and Japan.
But there are some conditions attached.
Why is the recent U.S. pledge to the Green Climate Fund important for a 2015 climate agreement?
Call it bad timing: Brazil’s greenhouse gas emissions intensity is rising while that of most of the G20 countries decreases, just as more infrastructure investment will be needed to support expected economic growth and social inclusion. Representatives of commercial banks in Brazil, the Brazilian Development Bank (BNDES), the Inter-American Development Bank (IDB), Brazil’s Ministry of Finance and others joined WRI experts to explore how they can collectively help the country make the transition to a low-carbon economy.
The Green Climate Fund (GCF) is the most ambitious climate finance fund thus far, with a goal of completely transforming sectors and economies toward low-emission, climate-resilient development.
Last week marked a key moment for climate finance: The last foundations were laid for the GFC, and it’s now ready to receive funding.
The Green Climate Fund (GCF) has a big role to play. It’s expected to become the world’s main mechanism for securing and distributing finance to help developing nations tackle climate change.
The multi-billion dollar question is: Can it live up to this expectation?
Through the Compact of Mayors and parallel initiatives, cities are making ambitious commitments to curb emissions, adopting new greenhouse gas emissions measuring standards, and supporting the financing of low-carbon infrastructure.
The UN Climate Summit brought together more than 125 heads of state and government officials—the largest-ever climate meeting of world leaders. Leaders clearly demonstrated their understanding that the impacts of climate change are real and costly, and that they no longer have to choose between economic growth and climate action—they go hand-in-hand.
WRI’s experts were in New York for all the action. While the outcomes from the Summit are still evolving, here’s our first look at progress made and next steps.
The UN Climate Summit will draw 125 heads of state and government to address the global challenge of climate change, the biggest gathering of its kind ever. Building on the excitement of the massive People’s Climate March on September 21, we should expect some movement on the key question of how to finance climate solutions.
Read more for forthcoming highlights.
Note corrected time: 9:30 a.m. ET//1:30 p.m. GMT
WASHINGTON— Senior representatives from the World Resources Institute (WRI), including President Andrew Steer, will hold a press call to provide insights and context for the upcoming UN Climate Summit. The experts will focus on key areas where major announcements and developments are expected, especially around cities, forests, and finance.
The press call will take place on Friday, September 12 at 9:30 A.M. EDT//1:30 P.M. GMT.