Home Finance Global climate finance flows increased: UN Climate Change

Global climate finance flows increased: UN Climate Change

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The
globalclimate
finance
flows have
increased with a bulk of it continuing to go towards efforts to curb greenhouse gas emissions, the UN
Climate Change secretariat said.

A relatively small proportion of the
finance goes towards efforts to enable the most vulnerable to adapt.

This fact came to light on Friday at the Summary and Recommendations on the 2018 biennial assessment and overview of
climate
finance
flows of the Standing Committee on
Finance.

It shows that on a comparable basis, the
global
climate
finance
flows
increased by 17 per cent in 2015-16 from 2013-14 levels.

The Summary and Recommendations provide updated information on
global
climate
finance
flows for the period 2015-16 and trends since 2011, their implications and relevance to international
climate change efforts.

One central conclusion is that the growth in
global
climate
finance seen in 2015 was largely driven by high levels of new private investment in renewable energy, the largest segment of the
global total.

The fall in renewable energy investment in 2016 was offset by an 8 per cent increase in investment in energy efficiency.

However, whilst
climate-related
finance
flows are considerable, they remain relatively small in the context of wider trends in
global investment.

For example, while
global investment in renewable energy and renewable energy subsides are rising,
global investment in fossil fuel and fossil fuel subsidies remain considerably higher.

Another central finding is that
climate
finance to developing countries, as reported in developed countries biennial reports to the United Nations Framework Convention on
Climate Change (UNFCCC),
increased by 24 per cent in 2015 to $33 billion and, subsequently, by 14 per cent in 2016 to $38 billion.

Other key findings relate to the efforts of multilateral development banks that continue to scale up
climate
finance
flows;
flows through UNFCCC funds; and multilateral
climate funds that are increasing – although their share of
global
climate
finance
flows remains small.

Ownership is a critical factor in the delivery of effective
climate
finance. Significant data gaps on tracking
climate
finance
flows at domestic level still prevail.

The Standing Committee on
Finance is the body that supports the Conference of the Parties with respect to
climate
finance matters.

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