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Posted on Nov 28, 10:52AM | IBNS
A new United Nations-led partnership aimed at showcasing innovative models for financing climate change adaptation and mitigation activities was unveiled Tuesday.
The initiative, which will pair the UN Framework Convention on Climate Change (UNFCCC) with the World Economic Forum (WEF) in an effort to spotlight successful public-private financing mechanisms, will be formally launched on Dec 6 as part of the ongoing UN Climate Change Conference in Doha, Qatar.
UNFCCC Executive Secretary Christiana Figueres acknowledged that the time had come for the private sector to deliver "significant investments" and help guide the international community onto a path towards what she described as "a climate-secure future."
"Given the scale of investment needed, the newness of technology solutions and the perception of risk that exists, the current level of investment is far too low," Figueres cautioned in a news release, adding that the public sector could "help to unlock private finance and ensure supportive policy frameworks for climate-friendly investment."
The partnership - called Momentum for Change: Innovative Financing for Climate-friendly Investment - will seek to inform Member States, investors, business, public finance agencies and the media about practical ways and means to kick-start a global shift to environmentally and economically sustainable growth.
In addition, it will also avail itself of the WEF's Green Growth Action Alliance - a network of over 50 of the world's largest energy companies, international finance institutions and development finance banks working to deliver greater investment into clean energy, transportation, and agriculture.
The Doha conference brings together the 195 Parties to the UNFCCC, the parent treaty of the 1997 Kyoto Protocol. Under the Protocol, 37 States - consisting of highly industrialized countries and countries undergoing the process of transition to a market economy - have legally binding emission limitation and reduction commitments.
The conference will, among other goals, try to extend the Protocol, whose first commitment period expires at the end of 2012.