World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Financial Sector to Aid in Fight Against Climate Change

Financial Sector to Help Mobilize $200 Billion to Fight Climate Change in Developing Countries


New UN report says investment in climate change adaptation can help promote the ivelihoods of 65 per cent of Africans. Photo: UNEP

23 September 2014 – Governments, investors and financial institutions today pledged to mobilize $200 billion by the end of next year for low-carbon programmes in developing countries, giving a significant boost to the United Nations goal of reaching $100 billion annually by 2020.

“This will serve as a catalyst in finalizing a universal and meaningful agreement at Paris on climate change in 2015,” Secretary-General Ban Ki-moon said as he hosted the largest ever summit of world leaders on climate change at UN Headquarters in New York to prepare the ground for a global accord at a summit in the French capital in December next year.

Today’s agreement combines public and private financing, including pledges by donor and developing countries to capitalize the Green Climate Fund aimed at helping developing countries shoulder the burden of slashing emissions.

“The Summit has created a platform for new coalitions and has brought leaders from both public and private sectors across the globe to not only recognize climate risks, but to agree to work together,” Mr. Ban said of today’s gathering.

The private sector announcements were made by an unprecedented coalition of financial institutions, pension funds, insurance companies, development banks and commercial banks which had never previously acted together on climate change at such a large scale.

The Summit also marked a major advance in efforts by Governments and businesses to set a price on greenhouse gas emissions, a step that offers investors and consumers an accurate reflection of the true cost of goods and services. More than 50 countries and 500 companies endorsed the need for developing mechanisms that would adequately reflect the true costs relating to pollution and emissions.

In a major departure from the climate negotiations and previous climate summits, the business community and civil society are playing a major role. There were 181 representatives from the business and investment community, including 90 chief executive officers. There were 52 business and investors from developing countries. In addition, there were dozens of civil society representatives.

ENDS


© Scoop Media

 
 
 
World Headlines

 

Ramzy Baroud: Year in Review Will 2018 Usher in a New Palestinian Strategy

2017 will be remembered as the year that the so-called ‘peace process’, at least in its American formulation, has ended. And with its demise, a political framework that has served as the foundation for US foreign policy in the Middle East has also collapsed. More>>

ALSO:


North Korea: NZ Denounces Missile Test

Foreign Affairs Minister Winston Peters has denounced North Korea’s latest ballistic missile test. The test, which took place this morning, is North Korea’s third test flight of an inter-continental ballistic missile. More>>

ALSO:

Campbell On: the US demonising of Iran

Satan may not exist, but the Evil One has always been a handy tool for priests and politicians alike.

Currently, Iran is the latest bogey conjured up by Washington to (a) justify its foreign policy interventions and (b) distract attention from its foreign policy failures.

Once upon a time, the Soviet Union was the nightmare threat for the entire Cold War era – and since then the US has cast the Taliban, al Qaeda, and Islamic State in the same demonic role. Iran is now the latest example…More


Catalan Independence:
Pro-independence parties appear to have a narrow majority. More>>