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5 Insights from Developed Countries' Fast-Start Finance Contributions

Sven Harmeling, Takeshi Kuramochi, and Steffen Kalbekken also contributed to this post.

How are we going to deliver climate finance at a sufficient scale to help developing countries mitigate and adapt to climate change? Parties to the UNFCCC--including those at this month’s intersessional in Bonn--are struggling to agree on the answer to this question. The UNFCCC established a Standing Committee on Climate Finance to take stock of global progress towards this goal, while a work program on Long-Term Finance will continue this year.

As these various groups debate the future of climate finance, it’s important to look back at progress and trends thus far. The fast-start finance (FSF) period offers important insights into how different developed countries are approaching the challenge of delivering international climate finance. These lessons can inform future efforts.

Major Insights from the Fast-Start Finance Period

Developed countries report that they delivered more than $33 billion in FSF 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? How has it been allocated, and what is it supporting?

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4 Topics on Clean Energy and Climate Change Obama and Xi Should Consider

This post originally appeared on Forbes.com.

When President Obama and China’s President Xi Jinping meet in California this week, they will be seeking to build trust and chart a course for improved relations. While tensions abound over various issues, clean energy and climate is one area where cooperation can work.

Last month, the United States and China released a statement declaring that joint action on climate change can “set the kind of powerful example that can inspire the world.” These two countries have the opportunity to tackle this global challenge, helping keep the world within 2 degrees Celsius of temperature rise, and embrace clean energy on the path to a low-carbon future.

Given the stakes, business leaders should be paying attention.

Clean energy is one of the most important growth sectors in the global economy. It has been projected that $2.3 trillion will be invested in clean energy by 2020, reaching $269 billion last year. China was the number world’s top clean energy investor in 2012, with a record $68 billion. China’s investments are not only within its borders. China’s total overseas investment in 2011 extended to over 130 countries and topped $60 billion.

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Building on Momentum: 2 Ways to Make Progress at the Bonn Climate Talks

Delegates at the April UNFCCC intersessional in Bonn, Germany made some encouraging progress. As negotiators gather again this week, it’s important that they build on this progress and take action on two key topics: raising ambition, and establishing core elements of the 2015 international climate action agreement.

Indeed, there’s an even greater sense of urgency since delegates met for the April intersessional. The world crossed a perilous and alarming threshold, with atmospheric carbon dioxide levels exceeding 400 ppm, a level that has not been experienced in at least 800,000 years and possibly not for millions of years. Plus, this may be the last intersessional before COP 19 in Warsaw in November. Negotiators must move forward on raising ambition and establishing the 2015 Agreement if COP 19 is to have a successful outcome.

Raising Ambition Now

The need for countries to make more ambitious emissions-reduction commitments remains self-evident—even more so, now that the world has exceeded 400 ppm of atmospheric carbon dioxide. In Bonn, negotiators are set to focus on the transformation of the energy system.

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Turning Climate Action into a Reality

This post was written by Ricardo Lagos, former president of Chile and a member of the high-level advisory panel for the Climate Justice Dialogue. The Climate Justice Dialogue project is a joint initiative between WRI and the Mary Robinson Foundation-Climate Justice. This piece originally appeared on Reuters Alertnet.

Global emissions just crossed 400 parts per million, an ominous threshold for the climate. Despite this marker, there are signs of new life for international climate action, including during the recent United Nation’s climate meeting in Bonn, Germany.

It’s become abundantly clear that in order for the world to reach an international climate agreement by 2015, the usual approach isn’t going to work. World leaders need to find common ground and work toward solutions. They need to engage their citizens and infuse new passion into the issue. Climate change is not just an environmental issue – it is one of the great moral tests of our times.

In Chile, we know all too well the impacts of climate change, marked in particular by more frequent droughts and increasing water scarcity. This affects people and our economy across sectors, from agriculture and manufacturing to mining and energy. Sadly, the people most affected by climate change are the poorest and most vulnerable members of society.

In the face of this challenge, we need a new narrative that engages people and presents the issue as a social and economic story rather than as just an environmental one. We need to create a world in which people prosper but without increasing pollution. This is not a distant dream, but a real possibility.

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3 Encouraging Signs of Progress from the Bonn Climate Talks

A slight breath of fresh air entered the UNFCCC climate negotiations this week in Bonn, Germany. Held in the old German parliament—which was designed to demonstrate transparency and light—the meeting took on a more open feel than the past several COPs and intersessionals.

Instead of arguing over the agenda, negotiators got down to work, discussing ways to ramp up countries’ emissions-reduction commitments now and move toward a 2015 international climate action agreement. Reaching these two goals is imperative. It was encouraging to hear delegates make progress across three key issues involved in achieving them:

1) "Spectrum of Commitments"

This idea—put forward by the United States—is that every country should determine its own national “contribution” to curbing global climate change and present it to the international community. A “spectrum” of various commitments would thus emerge, which could be included in some sort of formal agreement.

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2 Big Issues to Watch at this Week’s Bonn Climate Talks

It’s been almost four months since the last UNFCCC negotiations in Doha, Qatar (COP 18). Countries decided in Doha to finalize the second commitment period of the Kyoto Protocol, wrap up a series of decisions on the Bali Action Plan, and outline a plan to establish an international climate agreement by 2015. Countries will gather this week in Bonn, Germany, for the first formal conversations since the Doha meeting.

This week’s intersessional is a low key, but important session. Negotiators will discuss two critical issues: How to substantially step-up the level of ambition by countries, companies, cities, and civil society; and how to ensure a strong international climate agreement by 2015. Progress on these two issues could bring the world one step closer to strong, international action to curb climate change.

Increasing Ambition

The final decision by all countries at COP 17 in Durban recognized that current GHG-reduction pledges are not adequate to keep global average temperature below 2 degrees C (the limit science says is necessary to prevent climate change’s most disastrous impacts). In Bonn, experts will put forth new ideas on how to ratchet up ambition in the short-term. Country representatives will also highlight best practices and success stories, in particular, the role that land use could play for enhanced mitigation and adaptation policies.

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How Much Did the United States Contribute to International Fast-Start Finance?

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.

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The Race Against Climate Change

This post originally appeared on the National Journal's Energy Experts blog. It is a response to the question: "What's holding back energy and climate policy?"

We are in a race for sure, but it is not a race among various national issues. It’s a race to slow the pace of our rapidly changing climate. The planet is warming faster than previously thought, and we cannot afford to wait for national politics to align to make progress in slowing the dangerous rate of warming.

Recent events, like the tragedy at Sandy Hook elementary school, propelled gun control front and center. Last year’s elections shifted the national conversation on immigration. Climate change, too, should demand the attention of our national leaders.

The evidence of climate change is clear and growing. In 2012, there were 356 all-time temperature highs tied or broken in the United States. As of March, the world had experienced 337th consecutive months (28 years) with a global temperature above the 20th century average. Global sea levels are rising and artic sea ice continues to shrink faster than many scientists had predicted.

There are indications that Americans are deepening their understanding about climate change, especially when it comes to its impacts. People are beginning to connect the dots around extreme weather events, rising seas, droughts and wildfires, which have been coming in increasing frequency and intensity in recent years. The National Oceanic and Atmospheric Administration calculated that weather-related damages in the United States were $60 billion in 2011 alone.

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3 Ways to Unlock Climate Finance

Ministers and senior officials from developed countries will gather this Thursday in Washington, D.C. to tackle one of the world’s foremost challenges: how to mobilize private sector capital to reduce greenhouse gas (GHG) emissions in developing countries and help them adapt to climate change’s impacts. The meeting, organized by the U.S. State Department, comes on the heels of another meeting of climate finance experts and researchers in Paris, organized by the Organisation for Economic Cooperation and Development (OECD).

This global attention on climate finance comes at a critical moment: Research shows that the world will need to invest at least $5.7 trillion in clean water, sustainable transport, renewable energy, and other green infrastructure annually by 2020 in order to keep global temperature rise below 2 degrees Celsius, thus preventing climate change’s worst impacts. We’re currently directing only about $360 billion annually toward these activities.

While these discussions are necessary, what’s more important is whether or not ministers and officials are talking about the right issues and asking the right questions. Addressing three questions—on the correct investment figures, the most effective policy and financing tools, and the importance of collaboration—will be critical to ensure that the April 11th Ministerial Meeting on Mobilizing Climate Finance achieves meaningful results.

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Why Is Climate Finance So Hard to Define?

This is the first installment of our blog series, Climate Finance FAQs. The series explores the often nebulous world of climate finance, providing clarity on some of the key terms and current issues. Read more posts in this series.

Surprising as it may sound, there is no standard definition of climate finance. In fact, there are many differing views on what type of funding constitutes climate finance, how it should be delivered, and how much money developing nations will need to mitigate climate change and adapt to its impacts. This vortex of information can be confusing to navigate. Here, we'll do our best to break down all of the components that define “climate finance.”

Defining Climate Finance: Broadly to Narrowly

In its broadest interpretation, climate finance refers to the flow of funds toward activities that reduce greenhouse gas emissions or help society adapt to climate change’s impacts. It is the totality of flows directed to climate change projects—the same way that “infrastructure finance” refers to the financing of infrastructure, or “consumer finance” refers to providing credit for purchases of big-ticket household items.

The term is most frequently used in the context of international political negotiations on climate change. In this context, climate finance—or international climate finance—is used to describe financial flows from developed to developing countries for climate change mitigation/adaptation activities, like building solar power plants or walls to protect from sea level rise. This interpretation builds off the premise that developed countries have an obligation to help developing countries transform their economies to become less carbon-intensive and more resilient to climate change.

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