Sunday, 28 November 2021 12:19 GMT

'The stakes are high' UN chief tells climate finance meeting in Peru

(MENAFN- Emirates News Agency (WAM))

LIMA Peru 9th October 2015 (WAM) --- Stressing that financial resources are central to meeting the goals of the transformative 2030 Agenda for Sustainable Development Agenda United Nations Secretary-General Ban Ki-moon on Friday said that in order to create a low-carbon climate-resilient future that benefits everybody allocating appropriate finance is of key importance.

"The first step must be a politically credible trajectory for mobilizing $100 billion dollars per annum by 2020. The methodology for deciding what is climate finance and how private finance is counted needs to be developed by all concerneddeveloped and developing countries alike" Mr Ban told a gathering of Climate Finance Ministers in Lima Peru.

The Secretary-General is currently in Lima Peru to participate in the 2015 Annual Meetings of the Boards of Governors of the World Bank Group and International Monetary Fund.

In his remarks to the Ministers he urged the developed countries to mobilize new climate finance resources beyond their official development assistance (ODA) and above what is already on the table stating that 'mobilization is about more than accounting.' The UN chief also commended Germany France and the United Kingdom for making pledges recently to double their public climate finance commitments. He asked other countries to make similar announcements before a UN conference in Paris known informally as COP 21 where global leaders and international organizations will meet in December to agree a historic universal climate change accord.

"[Such announcements] are essential for strengthening equity and global solidarity. Trust can also be strengthened through innovative financing mechanisms that provide debt relief and new resources to strengthen the resilience of small island development states and least developed countries" Mr. Ban continued.

As for countries that are facing imminent climate threats and are attempting to raise capital Mr. Ban recommended seeking help from the G7's Climate Risk Insurance initiative the French Early Warning System and the African Renewable Energy and the African Adaptation Initiatives.

Highlighting trust between countries as priority the UN chief said that collectively all countries must ensure that the Green Climate Fund is fully up and running and approving projects in developing countries such as the small island developing States and least developed countries (LDCs).

Mr. Ban stressed that the annual meeting in Peru must produce an overall progress report on climate finance which is supported by both developed and developing countries alike.

"It could then serve as the comprehensive baseline on which further work will need to take place between now and the Paris COP. Paris must signal that a low-carbon transformation of the global economy is inevitable beneficial and already under way" he explained.


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