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Green Climate Fund

news item

The Standing Committee on Finance, an expert body of the UN Framework Convention on Climate Change, released its third Biennial Assessment and Overview of Climate Finance. Read a statement from Leonardo Martinez-Diaz, Director of the Sustainable Finance Center, World Resources Institute.

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The Green Climate Fund, a major source of finance for developing countries seeking to address climate change, has committed $3.5 billion for projects around the world. But now it needs to replenish its resources in an effective, transparent and inclusive way -- soon. Among other things, it could use an external facilitator to help move the process along.

commentary

The world will need an estimated $140 billion per year — or more — to help adapt to the damaging impacts of climate change. But funders have gotten caught up in drawing bright lines between adaptation and development programs. To get the most out of scarce adaptation dollars, the world needs to move past this false distinction.

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The most recent communique from the G20 drops all references to climate change, a move reportedly instigated by the United States, Saudi Arabia and others. The omission is a setback, as climate finance benefits U.S. jobs and exports and is key to meeting global climate targets.

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