The Summary and
Recommendations provide updated information on global climate finance flows for
the period 2015-2016 and trends since 2011, their implications and relevance to
international climate change efforts.
They highlight the
fact that the bulk of climate finance continues to go towards efforts to curb
greenhouse gas emissions, and a relatively small proportion of finance goes
towards efforts to enable the most vulnerable to adapt, noting measurement
differences.
One central
conclusion is that the growth in global climate finance seen in 2015 was
largely driven by high levels of new private investment in renewable energy,
the largest segment of the global total. The fall in renewable energy
investment in 2016 was offset by an 8% increase in investment in energy
efficiency.
However, whilst
climate-related finance flows are considerable, they remain relatively small in
the context of wider trends in global investment.
For example, while
global investment in renewable energy and renewable energy subsides are rising,
global investment in fossil fuel and fossil fuel subsidies remain considerably
higher.
Another central
finding is that climate finance to developing countries as reported in
developed countries biennial reports to the UNFCCC increased by 24 per cent in
2015 to USD 33 billion and, subsequently, by 14 per cent in 2016 to USD 38
billion.
Other key findings
relate to the efforts of Multilateral Development Banks that continue to
scale up climate finance flows; flows through UNFCCC funds; and
multilateral climate funds that are increasing – although their share
of global climate finance flows remains small.
Ownership is a
critical factor in the delivery of effective climate finance. Significant data
gaps on tracking climate finance flows at domestic level still prevail.
Preliminary insights
related to Article 2.1c of the Paris Agreement highlight the importance of
considering climate finance flows in the broader context.
No comments:
Post a Comment