The UN climate negotiations (COP23) presided over by a Fiji Presidency concluded in the early hours today in Bonn, Germany with countries making progress on the rules for the Paris Agreement and putting in place a process to assess progress on climate action that should set the stage for countries to commit to enhancing their climate commitments by 2020. Following is a statement from Paula Caballero, Global Director, Climate Program, World Resources Institute:
Financing the Energy Transition: Are World Bank, IFC, and ADB Energy Supply Investments Supporting a Low-Carbon Future?
Finance provided and catalyzed by multilateral development banks (MDBs) will help pay for implementation of the UN Sustainable Development Goals and the Paris Climate Agreement in many developing countries. Although MDBs already track and report on their climate finance, less is known about how...
When the Green Climate Fund received its first round of funding, contributions were more or less arbitrary. This time around, countries have an opportunity to root their contributions in objective measures of capacity, responsibility and ambition.
The World Bank plays a pivotal role in enabling sustainable, low-carbon development and climate action. Its next president should be a leader on the issue.
World's largest climate fund is nearing the end of its first round of funding. As examples from Mongolia, India and Morocco show, the Green Climate Fund can be a game-changer for getting low-carbon projects off the ground in developing nations.
The United States still doesn't give any money to the world's largest climate fund. But things are looking up, with big contributions to the Global Environment Facility, the Montreal Protocol Multilateral Fund and the multilateral development banks.
The COP 24 climate negotiations in Katowice, Poland delivered mixed results. Finance was an important part of the package agreed upon. Some countries made new financial commitments, but overall pledges fell short of the scale needed to enable truly ambitious action in line with what the latest science is calling for. On a more positive note, negotiators agreed on post-2020 financing rules that improve transparency on both past and future funding, and establish important processes to deliver on the...
Development banks can align their investments in electricity grids with the Paris Agreement by incorporating a shadow carbon price and making sure their investments support long-term plans for decarbonizing the electricity sector.
Most people think of the adaptation and mitigation goals when they think of Paris. But these goals cannot be achieved without the success of a third, underlying goal: Aligning climate finance with low-carbon development. Here's what can be done at COP24 and beyond towards this integral goal.
How the Multilateral Development Banks Can Better Support the Paris Agreement
To contribute to the fight against climate change, the MDBs have to date largely operated under what we refer to as a Climate Finance Paradigm. That paradigm involves defining, tracking, and maximizing the amount of climate finance that MDBs provide and mobilize. Climate finance has been...