New report says $100 billion annually can be mobilized for climate financing in developing countries

Abstract

A new report on the potential sources of revenue for financing climate change mitigation and adaptation activities in developing countries concludes that it is feasible to mobilize $100 billion annually by 2020, though admits that the goal is challenging. The report was presented today in Cancun at the margins of the ongoing 16th Conference of the Parties (COP16) by the cochairs of a high level advisory group on climate financing set up by the UN Secretary-General Ban ki-moon, Prime Minister Meles Zenawi of Ethiopia and Prime Minister Jens Stoltenberg of Norway. The report was prepared by a high level group including Bharrat Jagdeo, President of Guyana, George Soros, Chair of the Soros Fund Management, Sir Nicholas Stern, of the London School of Economics, Donald Kaberuka President of the African Development Bank and Sri Mulyani Indrawati, Managing Director of the World Bank, according to the Information and Communication Service (ICS) of the United Nations Economic Commission of Africa (ECA) which covered the presentation.