CLIMATE FINANCE ACCOUNTING V20 2nd Working Group Meeting March 29th, 2016, Washingt0n, DC JOE THWAITES, RESEARCH ANALYST, SUSTAINABLE FINANCE CENTER, WORLD RESOURCES INSTITUTE
REPORTED CLIMATE FINANCE BY ANNEX II CONTRIBUTOR, 2011-2014 $30 Billion USD $25 Norway United Kingdom $20 United States Germany $15 France $10 European Union $5 Japan $0 2011 2012 2013 2014 Contributor self-reported data from UNFCCC (2016) Submitted Biennial Reports http://unfccc.int/national_reports/biennial_reports_and_iar/submitted_biennial_reports/ite ms/7550.php
THEMATIC BREAKDOWN OF REPORTED CLIMATE FINANCE BY ANNEX II CONTRIBUTORS $30 Billion USD $0.9 $0.8 $25 $4.4 $4.2 $20 $3.7 $0.8 $0.7 $4.7 $3.2 $3.3 $15 $2.6 $3.3 $10 $17.3 $16.0 $12.3 $11.4 $5 $0 2011 2012 2013 2014 Mitigation Adaptation Cross-cutting Other Contributor self-reported data from UNFCCC (2016) Submitted Biennial Reports http://unfccc.int/national_reports/biennial_reports_and_iar/submitted_biennial_reports/ite ms/7550.php
WHAT COUNTS? Additionality definitions Funding above the 0.7 Option 1 per cent ODA target Increase in current levels of climate Option 2 finance (reference year: 2009) Funding additional to the level of ODA Option 3 spending in nominal terms Increase in climate Option 4 finance from new sources Adapted from Knoke and Duwe (2012) CPI, ODI & WRI (2015) What Counts? http://www.wri.org/publication/what-counts-tools- help-define-and-understand-progress-towards-100-billion-climate ; UNCTAD (2015) “New and Additional” Climate Finance: A Continuing Lack of Clarity http://unctad.org/en/PublicationsLibrary/presspb2015d15_en.pdf
REPORTED CLIMATE FINANCE BY ANNEX II CONTRIBUTOR AND THEME, 2014 Australia Mitigation Austria Belgium Adaptation Canada No data reported yet Cross-cutting Denmark Finland Other France Germany Greece No data reported yet Iceland Ireland Italy Japan Luxembourg Netherlands New Zealand Norway Portugal Spain Sweden Switzerland United Kingdom United States European Union $0 $1 $2 $3 $4 $5 $6 $7 $8 Billion USD Contributor self-reported data from UNFCCC (2016) Submitted Biennial Reports http://unfccc.int/national_reports/biennial_reports_and_iar/submitted_biennial_reports/ite ms/7550.php
ANNEX II CONTRIBUTORS 2020 ANNOUNCED CLIMATE FINANCE Australia Austria Belgium Canada No 2020 announcement yet Denmark Finland Announcement up to 2019, assume same level in 2020 France Germany No 2020 announcement yet Greece Iceland Ireland Italy Japan Announcement of ¥1,300bn ($10.8bn) includes both public and private finance Luxembourg Netherlands No 2020 announcement yet New Zealand Announcement up to 2019, assume same level in 2020 Norway No 2020 announcement yet Portugal Spain Sweden No 2020 announcement yet Switzerland No 2020 announcement yet United Kingdom United States 2020 announcement covered adaptation finance only European Union $0 $1 $2 $3 $4 $5 $6 $7 $8 Billion USD Calculated based on UNFCCC (2015) List of Recent Climate Funding Announcements. http://newsroom.unfccc.int/financial-flows/list-of-recent-climate-funding-announcements/
MDB REPORTED CLIMATE FINANCE, 2014 $16 40% Billion USD $14 35% $12 30% $10 25% $8 20% $6.1 $6 15% $4 10% $5.1 $3.9 $2 5% $2.1 $3.1 $1.2 $2.4 $2.5 $0.7 $0.8 $0.2 $0 $0.1 0% $0.1 $0.0 ADB AfDB EBRD EIB IDB IFC WB Adaptation Mitigation Climate finance as proportion of total MDB finance NB: Not adjusted for developed country attributed share World Bank (2015) 2014 joint report on Multilateral Development Banks' climate finance. http://documents.worldbank.org/curated/en/2015/06/24641149/2014-joint-report- multilateral-development-banks-climate-finance
MDB 2020 ANNOUNCED CLIMATE FINANCE $16 40% Billion USD $14 35% $12 30% $10 25% $8 20% $6 15% $4 10% $2 5% $0 0% AfDB ADB EBRD EIB IDB WBG NB: Not adjusted for developed country attributed share Calculated based on UNFCCC (2015) List of Recent Climate Funding Announcements. http://newsroom.unfccc.int/financial-flows/list-of-recent-climate-funding-announcements/
THEMATIC BREAKDOWN OF APPROVED CLIMATE FINANCE TO CVF MEMBERS, 2003-2015 Afghanistan Bangladesh Barbados Adaptation Bhutan Burkina Faso Mitigation - general Cambodia Comoros Costa Rica Mitigation - REDD Democratic Republic of Congo Dominican Republic Ethiopia Multiple foci Fiji Ghana Grenada Guatemala Haiti Honduras Kenya Kiribati Madagascar Malawi Maldives Marshall Islands Mongolia Morocco Nepal Niger Palau Papua New Guinea Philippines Rwanda Senegal South Sudan Sri Lanka St. Lucia Sudan Tanzania Timor Leste Tunisia Tuvalu Vanuatu Vietnam Yemen 0 100 200 300 400 500 600 700 Million USD NB: Does not include multi-country or regional projects Data from ODI and HBF (2015) Climate Funds Update http://www.climatefundsupdate.org/data
APPROVED CLIMATE FINANCE TO CVF MEMBERS BY FINANCING INSTRUMENT, 2003-2015 Afghanistan Bangladesh Sum of Grant Barbados Bhutan Burkina Faso Sum of Concessional loan Cambodia Comoros Costa Rica Sum of Guarantee Democratic Republic of Congo Dominican Republic Ethiopia Sum of Equity Fiji Ghana Grenada Guatemala Haiti Honduras Kenya Kiribati Madagascar Malawi Maldives Marshall Islands Mongolia Morocco Nepal Niger Palau Papua New Guinea Philippines Rwanda Senegal South Sudan Sri Lanka St. Lucia Sudan Tanzania Timor Leste Tunisia Tuvalu Vanuatu Vietnam Yemen 0 100 200 300 400 500 600 700 Million USD NB: Does not include multi-country or regional projects Data from ODI and HBF (2015) Climate Funds Update http://www.climatefundsupdate.org/data
FUTURE TRENDS COP 21 decision 1/CP.21: • Developed countries strongly urged to “scale up their level of financial support, with a concrete road map ” to achieve $100bn goal; • “ Significantly increasing adaptation finance from current levels ” ; • “intend Developed countries to continue their existing collective mobilization goal through 2025 ” ; • Prior to 2025, “the meeting of the Parties to the Paris Agreement shall set a new collective quantified goal from a floor of USD 100 billion ” . Paris Agreement, Article 9.4: “The provision of scaled-up financial resources should aim to achieve a balance between adaptation and mitigation, taking into account country- driven strategies, and the priorities and needs of developing country Parties, especially those that are particularly vulnerable to the adverse effects of climate change and have significant capacity constraints, such as the least developed countries and small island developing States, considering the need for public and grant-based resources for adaptation. ” (Emphases added) UNFCCC (2015) Decision 1/CP.21: Adoption of the Paris Agreement http://unfccc.int/resource/docs/2015/cop21/eng/10a01.pdf
POTENTIAL PATHWAYS TO $100 BILLION http://www.wri.org/blog/2015/10/insider-getting-100-billion-climate-finance-how-close-are-we WRI (2015) INSIDER: Getting to $100 Billion in Climate Finance: How Close Are We? http://www.wri.org/publication/getting-100-billion-climate-finance-scenarios-and- projections-2020
CLIMATE FINANCE FLOWS UNFCCC Standing Committee on Finance (2014) Biennial Assessment and Overview of Climate Finance Flows http://unfccc.int/cooperation_and_support/financial_mechanism/standing_committee/items/8034.php
MITIGATION FINANCE NEEDS Stockholm Environment Institute (2014) Estimating international mitigation finance needs: A top-down perspective. https://www.sei-international.org/publications?pid=2620
ADAPTATION FINANCE NEEDS WRI (2015) The Costs of Climate Adaptation, Explained in 4 Infographics. http://www.wri.org/blog/2015/04/costs-climate-adaptation-explained-4-infographics
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