Summary of climate finance pledges put forward by developed countries

Maria Athena Ballesteros, Kaija Hurlburt and Kirsten Stasio at the World Resources Institute: To “fast start” the Copenhagen Accord, developed countries committed, collectively, “to provide new and additional resources, including forestry and investments through international institutions, approaching USD 30 billion for the period 2010-2012 with balanced allocation between adaptation and mitigation.” Developed countries also agreed to a goal of jointly mobilizing, over the longer term an additional “100 billion dollars a year by 2020 to address the needs of developing countries. This funding will come from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance.”

These commitments were key to reaching an agreement in Copenhagen and to maintaining momentum thereafter. Once implemented, these resources will help the poorest and most vulnerable countries mitigate (reduce) their greenhouse gas emissions, and adapt and cope with the effects of climate change.

Though the commitments are clear, their delivery is uncertain. WRI has carried out a preliminary analysis based on available information on countries’ immediate and long term pledges announced thus far. The accompanying table sets out both the amounts and the mechanisms by which funding would be delivered. WRI has also looked at whether these pledges will provide “new and additional”1 funds compared to what developed countries already provide through official development assistance. This table will be continuously updated as more information becomes available…..

Roman relief showing a moneychanger (argentarius) with his "bank" (bench) for counting. approx. 4th century C.E.