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Entries tagged "climate finance"Page 1 • 2 Next
November 12, 2013 · By Oscar Reyes
To mark the start of the UN Climate Change Conference (COP19) in Warsaw, Poland, a new series of Climate Justice briefings has been released offering critical perspectives on a number of the crucial issues under discussion.
First up, A Vision for Equity argues that negotiations should focus on setting a “global emissions budget” to keep temperature rises within the 1.5 degree target that would avoid dangerous climate change. Using historic emissions data as well as records of current per capita emissions, it calculates what developed and developing countries would need to do within that framework to contribute their fair share to addressing the climate problem.
A system of international climate controls based on science and the principles of equity is needed to achieve that target, which means climate negotiators should resist any attempts to deregulate international climate controls. That’s the subject the next briefing, which sets out a case against the “pledge and revenge” approach that many developed countries are pursuing within negotiations for a new international climate treaty.
The new system risks being even weaker than the outgoing Kyoto Protocol, while threatening to retain or even expand upon the carbon markets—one of the most problematic aspects of the existing agreement. This briefing on markets explains why carbon trading is not the answer. Instead of setting up “new market mechanisms,” the failure of existing markets should be grounds for a moratorium on the development of new ones.
Non-market approaches should be pursued instead, and that’s the subject of the fourth briefing in this series, which looks at the positive role that could be played by Globally Funded Renewable Energy Feed-In Tariffs.
Background on COP19
The web is awash with reports on the UN climate talks, but to cut through to the core issues you could do far worse than starting with this useful guide to “the Big Fights, Red Lines and Initial Predictions” from [Earth in Brackets], who will also be blogging and tweeting. Our colleagues at climate-justice.info have also issued this useful media background briefing covering the basic issues from Poland, alongside some snappy quotes.
The Warsaw conference is being hailed in some quarters as a “finance COP,” the implication being that debates on the money needed to address climate change will take center stage. At the same time, we’re witnessing an attack upon and dilution of the very notion of “climate finance”, which refers to public transfers of resources from developed to developing countries. Brandon Wu of ActionAid USA picks up the story here.
In other quarters, COP19 is being talked about as a haven for corporate lobbyists – an impression that the Polish Presidency of the meeting has done little to counter, by seeking sponsorship from “climate crooks” such as ArcelorMittal, Alstom and BMW. Corporate Europe Observatory and the Transnational Institute look at corporate influences on the UN Climate Change Conference with itsCOP19 Guide to Corporate Lobbying. They’ll also be blogging from Warsaw.
During the COP itself, it’s easy to miss the latest developments with several meetings taking place simultaneously. Third World Network’s briefing papers are an invaluable resource to find out who said what in the meeting halls of Poland’s national stadium.
And finally, as the COP in Warsaw gets underway in the shadow of the deadly Typhoon Haiyan in the Philippines, it’s worth pausing to take in the words of that country’s lead negotiator, Yeb Sano, who reminded delegates of the true costs of continued inaction on climate change.
July 18, 2013 · By Daphne Wysham
When President Obama made his climate speech at Georgetown University in which he urged an end to almost all public financing of coal, Jim Vallette, former research director of the Sustainable Energy & Economy Network at IPS, dropped me an e-mail and we reflected on how many years it had taken us to get to this point.
The first visit I made to a World Bank-financed coal mine in India in 1996 is still etched in my mind. Traveling for miles by train, bus and then taxi to get to the site, I saw first-hand what our "poverty alleviation" funds were doing. It was a moonscape, black, grey, with nauseating smoke billowing out of perpetual fires, deep underground. A child covered in flyash, was standing next to a black river, desperately trying to get a drink of clean water.
I later learned the wells had all run dry; the coal plant had used it all for its cooling towers. And the river was black with flyash, dumped by the World Bank-financed Talcher coal burner directly into the Nandira River. The only way this child could get a drink of water was to try to dig a hole in the sandy riverbed and hope that would filter out the pollutants.
I came back to Washington in 1996, and Jim and I got fired up to fight the public financing of coal, much of it being done in the name of poverty alleviation and sustainable development.
When we released a series of reports examining public financing of fossil fuels, starting with the World Bank, then on to the EBRD, then, in 1999 on OPIC and Ex-Im, we didn't know when these banks we had set our sites on would finally be forced out of coal. But we knew it had to come.
That day came on June 25, when we finally heard the following words uttered by President Obama:
"Today, I'm calling for an end of public financing for new coal plants overseas unless they deploy carbon-capture technologies, or there's no other viable way for the poorest countries to generate electricity. And I urge other countries to join this effort."
Were these words to be believed? On July 16, the World Bank approved a new energy strategy which would effectively phase out the Bank's institutional support for coal. The paper "affirms that the World Bank Group will 'only in rare circumstances' provide financial support for new greenfield coal power generation projects, such as 'meeting basic energy needs in countries with no feasible alternatives.'"
Then, on July 18, we got the following news: The US Export-Import Bank had rejected a coal plant in Vietnam. It was the first rejection of a coal burner since Obama's climate speech of several weeks ago.
This day came too late for that child and others in that community in India, who were forced to drink poisoned water. And I'm not pleased with the caveats Obama placed on his pledge. Nor am I pleased with the possibility that the World Bank, Ex-Im Bank and others may simply switch from coal to gas, especially if that gas is derived from “fracking,” which can be worse for our already unstable climate than coal.
But hopefully, this is the dawn of a new day, when public financing of coal mines and power plants around the world is no longer acceptable. It's not enough, of course, but after 16 years of persistent pressure from IPS and other groups, our government seems to finally be listening.
June 26, 2013 · By Daphne Wysham
President Obama's speech at Georgetown University was a milestone on climate change. It is a milestone in two ways. First, he made it clear he is not afraid to tackle coal as the primary culprit in climate change. Second, he made a major pivot in how he framed the Keystone XL pipeline debate. He’s no longer talking about "energy security" or "jobs" when talking about the pipeline but instead linking "our national interest" with whether or not the pipeline would have a significant impact on the changing climate.
Virtually all climate scientists who have weighed in on the Keystone XL pipeline agree that tar sands oil, if exploited, would result in a net increase in greenhouse gas emissions. NASA's former top scientist, James Hansen, said it would be "game over" for the climate if the pipeline went forward.
But more significantly, Obama signaled in this speech that he is ready to use his executive authority, and not willing to compromise on two key things: the climate impacts of coal and tar sands.
He made a major pronouncement in stating that public financing of coal should end, such as financing via agencies such as U.S. Export-Import Bank.
The Institute for Policy Studies was the first organization, together with Friends of the Earth, to document the significant climate impacts of U.S. Export-Import Bank and Overseas Private Investment Corporation's fossil fuel investments in 1998. That research resulted in a lawsuit filed by Friends of the Earth, Greenpeace, and the City of Boulder challenging both of those public financial institutions with violations under the National Environmental Protection Act, for not calculating the cumulative emissions of their projects on the global climate. Obama's statement today takes that research and legal action one step further and calls for an end to almost all U.S. government funding of coal overseas. The White House statement released today says:
"...The President calls for an end to U.S. government support for public financing of new coal plants overseas, except for (a) the most efficient coal technology available in the world’s poorest countries in cases where no other economically feasible alternative exists, or (b) facilities deploying carbon capture and sequestration technologies. As part of this new commitment, we will work actively to secure the agreement of other countries and the multilateral development banks to adopt similar policies as soon as possible."
While this statement allows for some wiggle room on coal – if the carbon produced from the coal can be captured, which currently is not financially or technically feasible – it would eliminate U.S. backing of coal financing in countries like India and South Africa, both of which have recently received billions of public dollars for massive coal-fired coal plants.
Obama also said he would encourage developing countries to transition to natural gas as they move away from coal, a posture consistent with what he is calling for at home. Such a statement is unfortunate as it encourages the expansion of fracking on U.S. lands, which results in fugitive methane emissions, water contamination, and health problems for nearby communities. The low price of natural gas, while welcome as a replacement for coal, is making truly clean and renewable energy less attractive financially.
Obama also continues to support nuclear power – a surprising posture in the aftermath of the Fukushima nuclear meltdowns, a disaster that is transforming Japan, causing it to shut down its nuclear power plants and replace them with renewable energy.
And Obama was unafraid to call out the climate deniers – the "flat earth society" – and shame them, while urging the public to "invest, divest," a statement sure to warm the hearts of students and faith groups across the country, who are urging their institutions to divest their endowments of fossil fuels.
But the significance of this speech is that Obama is finally showing us he is willing to fight – on coal, on tar sands, and on climate. Obama remains an "all of above" champion who believes he can simultaneously frack and drill our country's oil and gas resources and solve the climate crisis. But his apparent feistyness and willingness to challenge the climate impacts of coal and tar sands – after years of silence on both topics – is cause for some celebration.
The World Bank likes to talk a good game on climate change. But when it comes to taking action, its approach can be “too narrowly focused, small scale and uncoordinated,” admits Bank President Jim Yong Kim. Worse still, it often backs entirely the wrong strategies, like carbon markets, while continuing to invest billions every year in new fossil fuel infrastructure.
VIEW NEW WEBSITE HERE: www.climatemarkets.org.
Since taking the helm, Jim Kim has made repeated promises that addressing climate change – and the devastating impacts it has on development – will be at the center of the Bank’s agenda. Key to this is a new Presidential Task Force on Climate Change, which will examine fossil fuel subsidies, carbon markets, “climate smart” agriculture, and partnerships to build cleaner cities. At the same time, the Bank’s low-income focused International Development Association (IDA), and its private sector arm, the International Finance Corporation (IFC), have both identified climate financing as a priority area.
The World Bank-IMF spring meetings convening in Washington DC provide an opportunity for the Bank to flesh out a new approach. The early signs are not promising, though. Carbon markets remain a central pole of the bank’s strategy, with $110 million pledged to a “Partnership for Market Readiness” that is encouraging the creation of new markets modeled on a European scheme that has already virtually collapsed.
There are indications, too, that much of the Bank’s “bold” new thinking is based on reaching out to the financial sector, using some of the same Wall Street tricks that proved so devastating for the United States and global economy in the 2008 crash. The Bank isn’t alone in this approach: the Green Climate Fund, and many of the other international financial institutions, are looking to encourage (“leverage”) private sector finance to plug the massive holes in climate financing left by industrialized countries failing to meet their obligations.
Dusting down the same old financial approaches isn’t going to work. In climate circles, it's already possible to hear the familiar refrain that rich-country austerity means that “There Is No Alternative” to courting the private sector. To which we’d respond: the United States is not broke, and neither are the other industrialized (“Annex I”) countries that should be making far larger public financial contributions and developing ambitious domestic plans to curb the greenhouse gas emissions that cause climate change. On the financial side, these could be supplemented by a range of genuinely “innovative” approaches, including financial transaction taxes, or a "Robin Hood tax."
We’ve set up a new website on Climate Finance and Markets (climatemarkets.org) to explore these new approaches, and to monitor how the World Bank, the Green Climate Fund and others are courting the financial sector.
The site, put together by IPS with the support of the Heinrich Böll Foundation North America, offers a range of materials that could help climate activists and advocates understand the new financial tools that are emerging, the role of key private sector actors (from banks to private equity funds), attempts to “leverage” private investment, and alternatives to this Wall Street-driven approach. Bank staff, public officials and journalists attending the World Bank-IMF spring meetings could even learn a thing or too as well.
IPS joined other members of the U.S. Robin Hood Tax campaign in Washington DC, where officials from the finance and climate ministries of select developed countries met to discuss how to mobilize private sector investment in developing countries to address climate change. Chanting, "Human need, not corporate greed! Robin Hood Tax now!" protesters dressed as polar bears, farmers, and bankers engaged with officials entering the meeting to urge them to support a Robin Hood Tax.
This demonstration drew attention to the fact that trillions of dollars of public money have been spent to bail out Wall Street while government officials pay short shrift to untapped and extremely promising innovative sources of public money like a Robin Hood Tax. In doing so, officials risk putting corporate profits over the needs of climate-impacted people.
Both the financial crisis and the recession have left a massive hole in public finances, threatening job creation, community services, and the ability to address climate change. While Wall Street has already bounced back, ordinary people are still trying to recover from problems caused by corporate abuse in the financial sector. The Robin Hood Tax calls for the institution of a small tax of less than half of one percent on Wall Street transactions in order to generate many billions of dollars each year toward crucial public goods and services, like healthcare, education, and helping the world’s poor confront the climate crisis.
VIEW RECENT ARTICLE ON CLIMATE FINANCE BY JANET REDMAN: http://www.fpif.org/articles/wall_streets_climate_finance_bonanza