With less than one week to go before the Paris climate negotiations, a big area to watch will be whether developed countries are meeting the requirement to provide $100 billion a year by 2020 in funding for poor countries to adapt to climate change and reduce emissions. This may seem like a lot of money, but it pales in comparison to what needs to happen after COP21 to “shift the trillions” towards a low carbon economy.
To put this figure in context, the International Energy Agency estimates that subsidies to fossil fuels amounted to around $544 billion in 2012. The World Resources Institute say that by 2020, about $5.7 trillion will need to be invested annually in green infrastructure, much of it in the developing world. Others quote much higher figures, but the bottom line is that the amount of funding required to shift the global economy towards low carbon investment is in the scale of trillions rather than billions.
The “climate finance” debate is ultimately a fight over who is responsible for climate change and who has to pay.
Read the rest of this article on the World Economic Forum blog.
I’ve been busy writing for a newly launched renewable energy finance publication, called swe_markets. The first two issues are available for free here and here. The newsletter is published by Sun & Wind Energy magazine, the English language version of Germany’s longest-running renewable energy magazine. Continue reading Clean energy finance publication launched
At the end of October I attended two very different conferences: the FT Renewable Energy summit and a seminar at the Overseas Development Institute on “Learning lessons from low carbon development”. I can’t possibly cover everything I’ve heard there in a short blog entry (plus as a freelance journalist, I have the privilege of being among a dwindling group of people that still actually gets paid for writing articles – and I have been commissioned to write a couple of those…).
One thing really struck me: at both events, energy conservation emerged as a big theme, in a way that is relatively new in these circles. Continue reading Energy conservation finally taking centre stage…except in the media
I was very lucky to attend the 2-day “EU change makers” high level conference at the Overseas Development Institute in my last 2 weeks at Bond. The event provided an excellent overview of the main issues and challenges facing the international development sector in Europe and was attended by senior stakeholders from governments, think tanks, NGOs, and a couple of politicians. Continue reading European aid policy at crossroads