Bold action on climate change: that’s what we all wanted to see at Tuesday’s Climate Summit convened by Ban Ki-moon. And a big part of this is about money – money to help developing countries respond to climate change, to capitalise the Green Climate Fund(GCF), and to green the global financial system. Without new finance commitments, we are not going to secure an ambitious global agreement on climate change in Paris next year.
World Bank President Jim Yong Kim speaks during the Climate Summit at the U.N. headquarters in New York, Sept. 23, 2014. REUTERS/Lucas Jackson
So how bold were the commitments on climate finance? All in all, the U.N. Secretary-General’s office estimates that the summit resulted in a financing package of more than $200 billion from public and private sources. While much more needs to happen before the Lima climate talks in December – particularly in terms of mobilising support to scale up finance for developing countries – this is encouraging progress.
