PLEA Network

1 December 2015, Business Green, Paris climate summit: Three sets of figures dominate Day One. Richard Black reflects on how money talked during the opening of COP21. Cynics have always said that money lies at the heart of the UN climate process. The first day of these potentially seminal Paris talks partially proved them right on the money; but not on the cynicism. Public and private sectors came to the party, with money pledged for both fundamental aims of the UN climate convention: reducing emissions, and helping poor nations prepare for impacts that are inevitable. For clean energy, a doubling in governments’ R&D spend to $20bn, and further research billions from private investors such as Bill Gates through an new initiative called the Break through Energy Coalition. And $500m from the World Bank and donor governments to create the Transformative Carbon Asset Facility, which will help developing countries implement schemes to incentivise emission cutting in areas such as transport and urban development. On the adaptation side, we saw $248m pledged from 11 donor nations to help the poorest countries prepare and adapt. And there’s a little more due on forests too, we hear. Read More here