The role of the Green Climate Fund in providing the missing 'Clean Trillion'
December 17, 2014
Originally posted on the Envrionmental Finance website on December 17, 2014.
Jon Williams, partner, sustainability & climate change PwC gives his view on GCF and COP20
Lima had been touted as the climate finance COP - and in many ways it was.
China and Brazil put climate finance on the agenda early, with their criticism that the $10 billion pledged so far to the Green Climate Fund (GCF) was insufficient.
Everyone privately acknowledges that they are right, and far more is needed, but it's a good start in a short time.
Finance has remained in the text, even though it does not spell out a pathway to scale up to the $100 billion needed to turn pre-2020 ambition into action.
Where were the banks and investors? Other than some notable leaders such as AP4, they're not here
The GCF was visible at the COP and has been vocal and consistent that it wants to work with the private sector. But where are the banks and investors?
Other than some notable leaders such as the Swedish pension fund AP4, they're not here - not a great start for the much-discussed public private partnership on finance.
This partnership needs to work given that the scale of the challenge and the opportunity is so vast. We need to double the $1.2 trillion currently invested annually in clean energy every year until 2030 if the global energy system is to fit within science-based carbon emissions limits.
The so called 'missing trillion' is not going to be found on the balance sheets of developed countries...read the full article here.