PwC climate change team comment on EU allocating 20% of budget to climate related projects and investments

Published at 15:01 PM on 19 November 2013

Commenting on the announcement that 20% of the EU budget between 2014-2020 will be spent on climate related projects and investments, Jonathan Grant, director, PwC Sustainability & Climate Change commented:

"This is a sign of things to come. It is positive that climate change is being integrated into the budget process. With most of the EU budget spent on agriculture, industrial policy and regional development, we should expect a substantial climate component - whether it is better land use practices, low carbon technology or resilient infrastructure."

Dr  Celine Herweijer, partner, PwC comments

“The EU finance announcement will hopefully be followed by many others in the coming hours and days. Finance holds the key to un-locking the stalemate we are seeing on the post 2020 agreement. With Ministers in town for the high level segment, expect more announcements and statements to follow. Whether we'll get the scale of movement on finance we need is unlikely. Targets of $60bn-$70bn by 2016 have been mentioned by some of the developing country groupings. Getting there would be a huge outcome. But it’s also about how you do the accounting: what is public and what is expected to be private? How do you define climate finance to avoid double counting? How do you report and ensure a pledge then flows? More announcements will be welcome, but they really need to step up, to add up, and to show how they will scale up.”

 

Dr Celine Herweijer, Jonathan Grant, and specialists from the PwC Sustainability & Climate Change team are at the UN Climate Summit in Warsaw. For more information, comment or interview, please contact Rowena Mearley + 44 784 1 563 180 

 

Notes

Analysis from PwC Low Carbon Economy Index shows that over the past five years the EU has reduced it's carbon emission intensity (level of carbon per $GDP) on average by 2.1% per annum, and only 1.1% in 2012. The report warns that for the world to maintain economic growth without exceeding two degrees of warming by 2100, the G20, needs to reduce its carbon intensity at 6% per year. Current rates puts us on a path consistent with the most extreme scenario presented by the IPCC, and potential warming of around 4oC by 2100.

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