In order to ensure that a strong climate change deal can be achieved this year it is “absolutely essential” that developed nations demonstrate how they can mobilise climate finance, according the energy and climate secretary Amber Rudd.
World leaders, businesses and organisations will meet in Paris later this year at a UN summit that aims to create a universal legally binding climate change treaty that will limit global warming. While progress towards a deal has been made it has been argued that countries are not pledging enough and negotiations are going too slow.
In 2010 developed countries pledged to mobilise $100 in climate finance each year by 2020 to help developing nations adapt to and mitigate the effects of climate change. However, research published last year suggested that the figure might have to increase by 50% by 2030 if global warming is to be limited to the internationally agreed 2C threshold.
Speaking at an event hosted by the Climate Coalition, according to the Guardian, Rudd said, “I think the most challenging element of getting a deal in Paris is demonstrating that we have corralled sufficient climate finance. I’m very involved with making sure that the [$100 billion] commitment is in place so we can give countries the confidence to sign up to the Paris deal in order to get the growth they need to take people out of poverty.
“Having evidence of that and being able to show we can mobilise if from 2020 is absolutely essential to getting a deal.”
She added that she was committed to ensuring an ambitious deal that is “as legally binding as possible” is secured in December.
While the $100 billion commitment may seem ambitious, studies have indicated that it is achievable. A paper from the World Resource Institute said the target could be met by brining together various sources of funding, including public and private sectors.
A separate study, from the London School of Economics, found that rich nations could pledge up to $2 trillion each year by mid-century without exceeding more than 2% of GDP or the finance provided being prohibitive.
Photo: JR3 via Freeimages
Lord Stern: development and climate finance should not be separated
UN opens climate centre to aid technological development
China: developed nations should take the lead on climate change
UK and Germany launch joint facility to aid developing world’s climate efforts
Health professional call for immediate ban on fracking due to health risks
Like our Facebook Page
How Cities In Canada Are Addressing Climate Change
10 Tax Incentives for Businesses That are Lowering their Carbon Footprint
How to Manage Anxieties About Climate Change
Green Brands Must Understand Their Customers to Market Wisely
Key Necessities for Starting an Eco-Friendly Freelance Business
6 Ways To Overcome Cash Flow Challenges as a Green Business
Going Cashless Lowers Our Carbon Footprint and Has Other Pros and Cons
How to Be as Eco-Friendly as Possible on a Trip to New York
Why Brazed Plate Heat Exchangers Are Eco-Friendly
6 Steps For Making Crypto & Blockchain Eco-Friendly
How To Use Solar Power Sustainably At Home
Building a Career in Green Construction: Tips and Insights
Solar-Powered Security Systems: Protecting Your Home and the Environment
Top 5 Benefits of Workplace Sustainability
The Role of Smart Technology in Managing EV Charging Stations
4 USA Vacation Destinations for an Eco-Friendly Trip
Why Internet Faxing Is A Sustainable Business Move
5 Ways Eco-Friendly Employers Can Boost Efficiency
6 Wastewater Management Tips to Reduce Water Pollution
What to Look for When Choosing an Eco-Friendly Locksmith
- Environment3 months ago
6 Home Improvements You Can Make to Help the Environment
- Environment10 months ago
4 Countries That Have Banned Single-Use Plastic
- Features9 months ago
5 Huge Support Tips for Eco-friendly eCommerce Brands
- Environment7 months ago
How to Ensure Your Home’s Eco-Friendly During Construction?