The international community has set an aspirational and highly challenging target of essentially stabilizing atmospheric greenhouse gas concentrations at current levels. Advanced and developing countries will announce future emissions mitigation pledges to be ratified at the Conference of the Parties (COP-21) in Paris, December 2015. An immediate and practical issue is what policy instruments are best suited for implementing these pledges, and how they might be designed.
Climate finance will also be on the table at the Paris conference. Advanced countries have pledged to mobilize-from public and private sources-$100 billion a year from 2020 onwards for climate mitigation and adaption projects in developing countries. Significant funds for climate finance are already being channeled through lending by multilateral development banks and public donations are being made through the Green Climate Fund, but substantial scaling up will be required if the $100 billion target is to be met.
Executive Secretary of the United Nations Framework Convention on Climate Change
Jim Yong KIm
President, World Bank
Managing Director, IMF
IG Patel Professor of Economics and Government, Chairman of the Grantham Research Institute on Climate Change
Martin Wolf is one of the UK's foremost economists. He has been a forum fellow at the annual meeting of the World Economic Forum in Davos since 1999 and a member of its International Media Council since 2006.