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Financial Mechanisms to address Climate Change Arab Climate Resilient Initiative “Towards Sustainable Energy – Resources, Challenges & Opportunities” Manama, Kingdom of Bahrain Benoit Lebot UNDP Climate Change Advisor [email protected] Earth Venus Diameter Distance to Sun Temperature Venus 12 100 km Earth 12 700 km Mercure 5 000 km 110 M km 150 M km 50 M km 460 °C 15 °C 180 °C 1 1 -36 m The Mediterranean Today Source: GoogleEarth 4 The Mediterranean 15 000 years ago . -5 °C compared to today average temperature Source: France 2 Malaterre 5 http://hdr.undp.org UNDP HDR Objective for 2050: • In the north, - 80% in emissions CO2/Cap/year North 16.1 tCO2eq/Cap •In the south, - 20% in emissions Arab States 9 tCO2eq/Cap South 4.2 tCO2eq/Cap Today World Average 2007 2020 2050 Target 50% Global Emissions 2050 7 World Greenhouse Gas Emissions 14% CH4 8% F Gas 1% 18% N2O CO2 From LUCF CO2 From Combustion 59% Greenhouse gas emissions in the Arab States 20% CH4 10% 0% CO2 From LUCF 3% N2O CO2 From Combustion 67% Source: CAIT WRI Source: IPCC AR4, Synthesis Report (shares are for 2004) All sectors and regions have the potential to contribute Note: estimates don’t include non-technical options such as lifestyle changes 1 2 3 4 Contribution of Technology Wedges 70 CO2 emissions (Gt CO2/yr) 60 Baseline Emissions 62 Gt 50 40 30 20 BLUE Map Emissions 14 Gt CCS industry and transformation 9% CCS power generation 10% Nuclear 6% Renewables 21% Power gen. efficiency & fuel switching 7% End-use fuel switching 11% End use electricity efficiency 12% End use fuel efficiency 24% 10 WEO2007 450 ppm case IEA ETP2008 BLUE Map scenario 0 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 We are not short of Financial Instruments to address Climate Change: Sources International National Public Finance - Official Development Aid - Multilateral Funds (Global Environment Facility, GEF) - Phase out subsidies on Private Finance -Carbon Finance (CDM, - Demand Side Management - New Insurance services - Tax Credit - Green municipal funds Public Policies - Tax on Financial voluntary, REDD, ETS…) - Private Equity Funds - Green or White (Energy Efficiency) Certificates - Foundations conventional energies - Tax rebates & Tax Credits - Subsidies on Clean Technologies - Low or zero interest rate for loans - National Tax on Carbon - Energy Tax - Auctioning of GHG quotas - Feed-in Tariff for Renewable transaction (Tobin) - Tax on Airline tickets - Global Tax on Carbon - IMF Special Drawing Rights Energy - Wipe out exterior debts 14 Policies & barriers Incentives Carbon finance Research, development , demonstration GEF, ODA FiTs, taxes, loans, CDM PoAs, sectoral crediting Technology transfer Rating, Labeling, Benchmarking apply to a large number of markets 50% 45% 1. Set Right Price Signal $ 2. Knowledge & understanding 3 .Rating & Benchmarking 4. Research & Development 5. Set Standards 6. DSM, $ incentives, CDM…. 40% 35% 30% 25% 20% 15% R&D Percentage of Market 6 Steps to move towards a low carbon economy 10% 5% 0% Low Carbon Footprint High Carbon Footprint Key operational provisions for development from the Copenhagen Accord: 1. $30bn pledged by developed countries between 2010 & 2012 for mitigation and adaptation inclusive. • New and additional • Priority access for SIDS, LDCs, Africa. 2. 2020 Target : $100bn/year • “in the context of meaningful mitigation actions and transparency” • Come from a wider variety of sources 3. Creation of Copenhagen Green Climate Fund (CGCF) as an operating entity of the financial mechanism • GEF no longer only operating entity • Support all main Bali Road Map areas Key operational provisions for development from the Copenhagen Accord: 4. Creation of a Technology Mechanism in support of mitigation and adaptation • Country-driven and based on national priorities 5. Establishment of a forestry mechanism around REDD+ 6. Monitoring, Reporting & Verification (MRV) of actions and financial flows 20 National Appropriate Mitigation Actions (NAMAs) may condition future financial mechanism • Developing countries invited to develop low emission development strategies that include NAMAs • Developed countries will provide financing, capacity building and technology for some NAMAs, although the means for deciding which is unclear • Supported NAMAs will likely be internationally recorded in a registry, and their implementation monitored, reviewed, and verified (MRV) UNDP’s message to National Government: Let’s get ready for any future financial mechanism • Green Fund will not be a silver bullet • National coordination is essential for governments to access, coordinate, sequence & combine climate finance (e.g. MDCFs next slide) • National Strategies can guide the flow of funds: => National Communications to UNFCCC, TNA, NAMA, NAPA, IF&F… Multi Donor Trust Fund as a national instrument Comparing 3 possible formats 1 National MDTF 2 UNDG MDTF Government led Steering Committee with UN as Co-Chair UN & Government co-chair the Steering Committee In line with POPP Who receives the funds National Entities (for direct access); Part UN Orgs Part UN Orgs (they can in turn pass resources to national entities) UNDP (which can in turn passes resources to national entities) Governance Structure Government for resources passed-on to national Entities Part UN Org Part UN Orgs receiving funds UNDP Donors 1+ 1+ 1+ Guidance during establishment UNDP MDTF Office UNDP MDTF Office UNDP PB/ DRM UNDP MDTF Office web-site: http://mdtf.undp.org/ 3 UNDP TF Multi Donor Trust Fund as a national instrument: Comparing 3 possible formats 1 National MDTF 2 UNDG MDTF 3 UNDP TF Strategic Document Government document UN document UNDP document Legal Documents TOR MOA (Gvt and AA) SAA (donors & AA) MOU (PUNO & AA) TOR SAA (donors & AA) MOU (PUNO & AA) Prodoc Contr. agreement (donors & UNDP) Indicative financial size (over 5 years) > $100 million > $20 to $30 million > $3 to $5 million UNDP MDTF Office web-site: http://mdtf.undp.org/ As Climate Changes, Can We? Kofi Annan, UN SG Wednesday, November 8, 2006 A