Group: $364 Billion for Climate Change Not Enough

According to a report released on Tuesday by the group Climate Policy Initiative, entitled "The Global Landscape of Climate Finance 2012," the annual global investment to curb climate change reached $364 billion in 2010-11. But it's not enough, the group says.

* In order to limit the global temperature rise to 2 degrees Celsius, the report states, projections by the International Energy Agency place the price tag at about $1 trillion each year from 2012-50.

* According to the report, the private sector has become the main source of global climate finance, contributing between $217 billion and $243 billion. These investments came mostly from corporations and renewable energy developers.

* The global public sector investment was between $16 billion and $23 billion, which is mainly offered as a catalyst for private investment through incentives and subsidies, Climate Policy Initiative reported.

* National development and commercial banks provided $110 billion and $120 billion to curb climate change, providing support for projects that would otherwise not be viable, the group stated.

* According to Barbara Buchner, the director for CPI Europe, public policies and incentives are "starting to unlock private investment," but those policies must be enacted and scaled up around the world in order to raise the amount needed to limit global warming.

* Fifty-three percent of the climate finance in 2010-11 went to projects in developed countries, while 47 percent went to projects in developing countries.

* Most of the money raised to combat climate change in 2010-11 went to renewable energy and energy efficiency, accounting for 85 percent and 4 percent of the total respectively.

* Nearly 33 percent of the global mitigation-directed finance -- $171 billion -- went to China, Brazil and India, where they are needed the most and mitigation potential is the greatest, reported Climate Policy Initiative. A significant share of those funds was raised in those countries and in pursuit of development mandates.

* Going forward, the group states, there needs to be a sound understanding as to how effectively the money spent on addressing climate change.

* Climate Policy Initiative is an independent, not-for-profit organization funded by George Soros. Headquartered in San Francisco, the group also has regional offices in Berlin, Beijing, Hyderabad, Jakarta, Rio de Janeiro and Venice.

Source: http://news.yahoo.com/group-364-billion-climate-change-not-enough-214800711.html

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