{"id":28924,"date":"2010-11-05T16:49:36","date_gmt":"2010-11-05T16:49:36","guid":{"rendered":""},"modified":"2020-05-14T18:40:44","modified_gmt":"2020-05-14T18:40:44","slug":"3924-boost-for-climate-finance-hopes","status":"publish","type":"post","link":"https:\/\/dialogue.earth\/en\/climate\/3924-boost-for-climate-finance-hopes\/","title":{"rendered":"Boost for climate finance hopes"},"content":{"rendered":"<p>Raising US$100 billion a year (666 billion yuan) to help vulnerable countries cope with the impacts of climate change and lower greenhouse-gas emissions is &ldquo;challenging but feasible&rdquo;, a UN committee said today.<\/p>\n<p>But reaching this goal will require a new tax regime, greater international cooperation and a carbon floor price of US$25 a tonne, the high-level advisors on climate finance told UN secretary general Ban Ki-moon.<\/p>\n<p>In December last year, rich nations pledged to provide US$100 billion each year from 2020 in order to finance climate adaptation and mitigation projects in the developing world. For the past 10 months, a committee chaired by the prime ministers of Ethiopia and Norway and comprising 21 members including <a href=\"https:\/\/en.wikipedia.org\/wiki\/Nicholas_Stern,_Baron_Stern_of_Brentford\">Nicholas&nbsp;Stern<\/a> and <a href=\"https:\/\/en.wikipedia.org\/wiki\/George_Soros\">George Soros<\/a>, has been investigating possible mechanisms to make this promise a reality.<\/p>\n<p><span>Today, the committee published its <a href=\"https:\/\/www.un.org\/wcm\/webdav\/site\/climatechange\/shared\/Documents\/AGF_reports\/AGF_Final_Report.pdf\">final recommendations<\/a>, which include taxing foreign-exchange transactions, a moved it argues would raise between US$2 billion and US$27 billion a year, and imposing levies on shipping and aviation, which it said would bring in US$10 billion.<\/span><\/p>\n<p><span>It said carbon pricing &ndash; either through a direct carbon tax or a cap-and-trade system &ndash; would raise US$30 billion, provided there was a stable carbon price of US$20 to US$25. And the removal of fossil-fuel subsidies by governments could free up US$3 billion to US$8 billion.<\/span><\/p>\n<p><span>The advisors concluded that a large increase in private-sector investment was also necessary to achieve the goal and that &ldquo;strong commitments&rdquo; to domestic mitigation and the introduction of carbon-pricing instruments were needed to trigger this.<\/span><\/p>\n<p>The report has been welcomed by green groups, who say it should provide impetus for a finance agreement at the&nbsp;Canc&uacute;n&nbsp;climate-change summit later this month. Gordon Shepherd, leader of WWF&rsquo;s Global Climate Initiative, said:<span> &ldquo;The Secretary General&rsquo;s high level group has come up with the financial mechanisms, now we look to governments to come up with the political mechanisms to get the finance actually flowing.&rdquo;<\/span><\/p>\n<p>Read the full report <a href=\"https:\/\/www.un.org\/wcm\/webdav\/site\/climatechange\/shared\/Documents\/AGF_reports\/AGF_Final_Report.pdf\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Raising US$100 billion a year (666 billion yuan) to help vulnerable countries cope with the impacts of climate change and lower greenhouse-gas emissions is &ldquo;challenging but feasible&rdquo;, a UN committee said today. But reaching this goal will require a new tax regime, greater international cooperation and a carbon floor price of US$25 a tonne, the [&hellip;]<\/p>\n","protected":false},"author":603,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_has_post_settings":[],"footnotes":""},"categories":[761],"tags":[],"hashtags":[],"country":[],"class_list":["post-28924","post","type-post","status-publish","format-standard","hentry","category-climate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Boost for climate finance hopes | Dialogue Earth<\/title>\n<meta name=\"description\" content=\"Raising US$100 billion a year (666 billion yuan) to help vulnerable countries cope with the impacts of climate change and lower greenhouse-gas emissions\" \/>\n<meta name=\"robots\" content=\"index, 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