{"id":22727,"date":"2016-11-16T21:53:36","date_gmt":"2016-11-16T21:53:36","guid":{"rendered":"https:\/\/www.un.org\/sustainabledevelopment\/?p=22727"},"modified":"2018-04-22T11:55:49","modified_gmt":"2018-04-22T15:55:49","slug":"un-chief-urges-rapid-increase-of-funding-to-address-climate-change","status":"publish","type":"post","link":"https:\/\/www.un.org\/sustainabledevelopment\/blog\/2016\/11\/un-chief-urges-rapid-increase-of-funding-to-address-climate-change\/","title":{"rendered":"Ä¢¹½ÊÓƵ chief urges rapid increase of funding to address climate change"},"content":{"rendered":"

As the United Nations Climate Conference, known as COP 22<\/a>, continued its work today in Marrakech, Morocco, Secretary-General<\/a> Ban Ki-moon urged greater efforts to mobilize funding to address climate change, especially to support developing countries.<\/p>\n

\u201cFinance and investment hold the key to achieving low-emissions and resilient societies,\u201d Mr. Ban said in remarks<\/a> read by his Special Advisor on Climate Change, Bob Orr, to a High-Level Ministerial dialogue on climate financing at the 22nd Conference of Parties to the Ä¢¹½ÊÓƵ Framework Convention on Climate Change (Ä¢¹½ÊÓƵFCCC<\/a>).<\/p>\n

The Ä¢¹½ÊÓƵ chief underscored that one of the core objectives of the Paris Agreement<\/a>, which entered into force on 4 November 2016, is \u201cto make all finance flows consistent with a pathway to low-emissions climate-resilient development.\u201d He noted that there has been progress, in particular in renewable energy.<\/p>\n

Last December at the previous Conference, known as COP 21<\/a>, 196 Parties to the Ä¢¹½ÊÓƵFCCC adopted the Paris Agreement, so-named after the French capital where it was approved<\/a>. It aims to strengthen the global response to the threat of climate change by keeping the global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit it to 1.5 degrees Celsius.<\/p>\n

The Agreement entered into force in time for COP 22, which has been under way since 7 November. Before the meeting wraps up on Saturday, 18 November, parties hope to define the rules of implementation of the Paris Agreement and establish a viable plan to provide financial support to developing countries to support climate action.<\/p>\n

\u201cWe will invest 90 trillion dollars in global infrastructure over the next fifteen years. It would not cost much more to ensure that this infrastructure delivers the low-emission resilient economy envisioned in the Paris Agreement\u201d, added the Ä¢¹½ÊÓƵ chief.<\/p>\n

The Secretary-General noted that in Paris, governments collectively reaffirmed their 2009 pledge to mobilize 100 billion dollars per year by 2020, and to continue financing at this level until 2025 to support climate action by developing countries. \u201cThis goal is within reach \u2013 if we stay focused,\u201d he said.<\/p>\n

In remarks read by the World Bank Vice-President for sustainable development, Laura Tuck, the President of the World Bank, Jim Yong Kim, said that his organization is doing its best \u201cto try to mobilize as much as financing as possible.\u201d<\/p>\n

\u201cIt is not just about trying to persuade donors and financiers to put up more money, although we are definitely trying to do that, but it also about creating the environment that crowds in a lot more financing. Even if we have the 100 billion dollars we are talking about, it is not nearly enough to reach our goals,\u201d he added.<\/p>\n

For the World Bank, the other priority is greening the financial sector. \u201cWe are trying to find ways to improve the way the existing banking sector understands and considers the risks of climate smart investments,\u201d Mr. Kim stressed.<\/p>\n

The Secretary-General stressed that financing is central to building resilience. Last year in Paris, Mr. Ban launched the Initiative on Climate Resilience<\/a>, or \u2018A2R\u2019 \u2013 Anticipate, Absorb and Reshape. It has the goal of redoubling efforts to provide climate risk insurance, in close cooperation with the insurance sector.<\/p>\n

On the margins of COP 22, the Secretary-General also participated in a Summit of African heads of State and Government hosted, by King Mohammed VI of Morocco.<\/p>\n

In remarks at the Summit, Mr. Ban reminded participants that Africa is at the forefront of climate change. \u201cCompared to the global average, temperatures are rising higher in this continent. Out of the 50 countries hit hardest by climate change, 36 are in Africa,\u201d he added.<\/p>\n

He said that he has seen climate solutions across Africa. \u201cThis continent is dynamic,\u201d the Secretary-General underscored, saluting the entrepreneurial spirit across Africa, especially among youth.<\/p>\n

\u201cAfrica has tremendous potential to be a global renewable energy leader. This continent has vast solar, wind and geothermal energy resources,\u201d Mr. Ban added, calling on \u201cpartners from both developed and developing countries to scale up investment and technical assistance.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

As the United Nations Climate Conference, known as COP 22, continued its work today in Marrakech, Morocco, Secretary-General Ban Ki-moon urged greater efforts to mobilize funding to address climate change, especially to support developing countries.<\/p>\n","protected":false},"author":230,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[20,4],"tags":[],"class_list":["post-22727","post","type-post","status-publish","format-standard","hentry","category-climate-change","category-news"],"_links":{"self":[{"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/posts\/22727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/users\/230"}],"replies":[{"embeddable":true,"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/comments?post=22727"}],"version-history":[{"count":0,"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/posts\/22727\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/media?parent=22727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/categories?post=22727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.un.org\/sustainabledevelopment\/wp-json\/wp\/v2\/tags?post=22727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}