published on Responding to climate change (RTCC) 1.5.2014
In this blog, Adis Dzebo (Stockholm Environment Institute) and Pieter Pauw argue that a fixation on hitting an arbitrary climate finance figure distracts from true goal of building green and resilient communities.
The international debate on climate finance is increasingly focusing on the private sector, and on how to track, scale up and replicate private climate finance. Developing countries are rightfully concerned that such debates are delaying the flow of public contributions to the USD 100 bn of climate finance that developed countries pledged to mobilize annually in order to support developing countries in their adaption and mitigation efforts.
However, in their blog, Dzebo and Pauw argue that leveraging private finance is crucial for global adaptation and mitigation initiatives – including in developing countries. The work on accounting for private finance is important, but should not delay action on mobilizing private-sector finance. In the end, the goal is not to mobilize USD 100 bn per year, but to build green and resilient communities. And that would require much more than USD 100 bn per year.