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Entries tagged "Doha"
December 6, 2012 · By Janet Redman
While the costs of mitigating and adapting to climate change rise and thus the need for climate finance in developing countries grows, wealthy governments shift focus from public support to private finance. But can the private sector meet the needs of those most impacted by climate change?
In the halls of the UN climate negotiations in Doha, Qatar, you will hear a mantra that’s being echoed by developed country governments from their capital cities to international forums. It goes something like this: We’re broke. There’s no public money. And so, we have to use the scarce resources we do have to leverage massive wealth in the private — and particularly the financial — sector.
You’ll also find in the halls of the annual climate summits the faces of private interests — industry reps, investors, and carbon traders. They’re a regular fixture here, but this year the private sector has taken centre stage in debates over climate finance.
At COP18 there are seven times as many side events about getting private finance and carbon markets engaged in climate action as events highlighting the role of public funds.
There has also been a strategic shift in the rhetoric of developed countries away from talking about “providing” climate finance to speaking about “mobilising” money. The former implies public flows. The latter suggests countries are shifting emphasis toward looking outside national budgets for financial resources.
Nowhere is the trend toward privileging the private sector more apparent than in the Green Climate Fund (GCF) — the newest financial institution under the climate Convention. After many contentious debates during the Fund’s design phase, industrialised nations succeeded in creating a sub-fund that guarantees the private sector direct access to the fund.
Countries did win one concession — a ‘no-objection procedure’ that is meant to keep multinational corporations and international investment banks from going directly to the Green Climate Fund to undertake work in countries without the knowledge of national capitals. But investors are already starting to push back, saying that any kind of vetting process by the UN would make private sector engagement untenable.
In light of these challenges, the GCF’s board will have to grapple as they write the Fund’s business model this year with the question of what the ultimate purpose of the Green Climate Fund is — to maximise the involvement of the private sector, or to support low-carbon, climate-resilient sustainable development in poorer nations as its mandate states?
While these two aims don’t have to be mutually exclusive, lessons from existing private sector institutions – like the World Bank’s International Finance Corporation – show that private finance often bypasses low-income countries, fails to reach the poor in middle-income countries, and prioritises large corporations over small and medium enterprises.
In addition, the use of financial intermediaries to repackage and channel capital leads to serious challenges in transparency and public accountability. Particularly important is the fact that private sector money flows where the profit potential is greatest. For a climate fund this means big, mainly mitigation activities — not community-scale projects, adaptation, or disaster relief.
Certainly, the private sector plays a critical role in any economy – and without its participation in making the shift away from dirty energy and polluting industry there will be no transition to a low-carbon future. But the private sector efforts that the Green Climate Fund should support are domestic enterprises that will reinvest wealth to meet the climate priorities of the people and communities most impacted by global warming.
November 30, 2012 · By Janet Redman
UPDATE Friday, November 30, 2012, 11:30 AM ET:
Janet Redman, Co-Director of the Sustainable Energy and Economy Network, will be at the UN Climate Summit in Doha, Qatar, providing live updates from the conference and advocating for innovatice sources of finance – such as a “Robin Hood” tax on financial transactions – to fill the Green Climate Fund. She's just spent her first day at the summit,
Redman is calling for the United States to take bold action at the UN climate summit. Faced with extreme weather, environmental instability and a growing sense of economic vulnerability, Americans rejected inequality and climate denialism in the voting booth, she says. Now, they are calling on newly re-elected President Barack Obama to take bold action to stop climate disruption in Doha, Qatar, at the 18th Conference of the Parties to the UN Convention on Climate Change (UNFCCC).
“We recognize there are constraints on the president – in no small part from Congress – but the electorate wants action on climate change before Superstorm Sandy becomes business as usual.” Redman added, “There are measures we can take now. We can join European countries and agree to tax financial transactions, which could raise hundreds of billions of dollars for climate programs and other public goods. And we can promote the Green Climate Fund as the main channel for public finance to support low-carbon and climate resilient sustainable development priorities of countries and communities most impacted by climate change.”
While some at the center of Obama’s climate team warn that a second term will not bring a new approach to the administration’s foreign policy on climate, Redman asserts that, “re-election is a mandate for the U.S. to be a constructive player that supports equitable action on climate. That means the U.S. has to take responsibility for its historical contribution to global warming by committing to deeper pollution cuts and providing support for poorer countries to respond to climate change. It’s time to hold Obama’s feet to the fire.”
Janet will be tweeting @Janet_IPS and blogging at http://www.ips-dc.org/ and will be available for interview from the climate summit in Doha.