UK government set to launch climate finance lab
- 10 April 2014
NEW YORK: Britain will open a new Climate Finance Lab which will facilitate private sector investment in projects which tackle climate change and boost resilience to global warming in developing countries.
The initiative was announced by Greg Barker, UK Minister of State for Climate Change at Bloomberg New Energy Finance's annual conference in New York yesterday, according to the newswire.
The Climate Finance Lab will conduct its first meeting in June to assess the best mechanism for funding these climate protection projects. The government officials will consult with corporate leaders and think-tank representatives to ensure that the maximum amount of funds are raised in the most effective way possible.
High profile names such as Merill Lynch, the World Bank and Bank of America are already on board as partners of the initiative, RTCC has reported.
The best ideas for funding will be selected by early 2015 at which point relevant institutions will begin work on their implementation.
The UK will lead development of the Lab in conjunction with the US and Germany, however France, Japan, Denmark, the Netherlands and Norway will also be affiliated to the initiative.
It is hoped the project will re-focus attention on the UN fund for developing countries who are severely affected by climate change. The international body has advocated that developed countries grant US$100 billion a year to assist poorer countries by 2020, but this would require a significant scale-up on current investment levels.
The announcement of international cooperation on climate action is particularly timely given that the deadline for deciding the international post 2020 framework is just one year away. The Paris UNFCCC summit will be critical for ensuring that a low carbon transition is prioritized.
Commenting on international action in advance of the 2015 UN climate summit, Changhua Wu, Greater China Director, The Climate Group, remarked: “Paris 2015 will be a seminal event in the climate change trajectory but it is over a year away. It is vitally important that leaders act now to secure a better future for us. There is no time to waste.”
By Alana Ryan