The UN Secretary General called a meeting to report from his high-level advisory group on climate change financing. The group has been chaired by the Prime Minsters of Norway and Ethiopia, who were also present.
The group was created to follow up on Copenhagen and its work is done with the release of the report at this meeting.
Not surprisingly, the group concluded that it is possible to mobilize the stipulated 100 billion $ per year, provided the Carbon price will hover at 20-25 $ per ton. The report does not, however, suggest any delivery mechanism, although it identifies the multilateral banks and the UN system as key providers, which is also hardly surprising, but also a consolation for us that try to gear up the multilateral delivery.
The report does not go into the issue of combining finance flows for different development objectives as discussed earlier on this blog and in the context of climate-smart agriculture. Given that investments in agriculture alone is 370 billion $ per year already, one must conclude that the report does not provide a holistic view. It is a report looks at climate finance in isolation, just as intended.
I note that the report, in its executive summary, talks about “arresting and reversing the destruction of rainforests” Which seems to be another way of looking at REDD+…