Building on the Copenhagen Accord, the United Nations Secretary’s High-Level Advisory Group on Climate Change Finance (AGF) was set up in February 2010 to identify how industrialised countries could mobilise US$100 billion of resources per annum by 2020, to support climate-resilient development in the developing world. The Group consisted of 21 members, from the public and private sectors and from the developed and developing worlds. It was co-chaired by the Meles Zenawi, Prime Minister of Ethiopia, and Jens Stoltenberg, Prime Minister of Norway. Working through most of 2010, it has analysed a wide range of options for raising this money from both public and private sources.
This Special Issue brief outlines the implications of AGF report recommendations for Africa.
Key messages include:
- The AGF report presents many opportunities for climate compatible development in Africa – development that minimises the harm caused by climate impacts while maximising the human development opportunities presented by a low emissions, more resilient future.
- Africa must ensure it receives a sufficient proportion of public money for climate finance, and that it is able to make good use of it.
- The AGF report emphasises the need to raise revenues in a way that provides incentives for developed countries to reduce emissions. This is welcome, but introduces risks concerning the reliability of these revenues. These concerns can be relieved by robust, credible commitments by developed countries to reduce emissions.
- Africa should participate fully in discussions to ensure that any negative impacts from raising revenue are compensated. However, it seems likely that these impacts will be small.
- Regulatory reforms that facilitate private-sector investment are crucial to Africa’s development.
CDKN Special Issue, November 2010/A, 8 pp.