As climate impacts mount, so does the urgency of resolving the equity challenge. Those least responsible for climate change are often the most vulnerable to changes in weather patterns, sea level rise, and other impacts, further exacerbating existing inequities.
At Copenhagen in 2009, developed country Parties to the United Nations Framework Convention on Climate Change (UNFCCC) committed to a goal of mobilizing jointly $100 billion a year by 2020 from public and private sources to support climate action in developing countries.
Atmospheric concentrations of key greenhouse gases are higher now than over the past 800,000 years (Global Carbon Project 2014). As a result of human activity, such as fossil fuel burning and land-use change, greenhouse gas emissions have increased significantly since the pre-industrial era.
The participation of the private sector in financing the transition to low-carbon, climate resilient (LCR) economies is critical. While public finance and policy interventions can mobilise significant levels of private finance, the ability to estimate such mobilisation is currently limited.