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 Latin America and the Caribbean.
Key messages include:
- The AGF report recognises the crucial role that the private sector can
play in fostering low-carbon development. For Latin America, this
requires rapid progress on establishing a framework for reducing
emissions from deforestation and land-use change.
- The region should build on the recommendation that the public sector
must catalyse private investment and achieve ‘transformational
- The report emphasises the need to raise revenues in a way that
provides incentives for developed countries to reduce their emissions.
This is welcome, but introduces risks concerning the reliability of
revenues. These concerns can be relieved by robust, credible
commitments to reduce emissions by developed countries.
- There is concern that some of the revenue sources identified by the
AGF could impede the LAC region’s development. However, compensation
arrangements can be devised.
- The region will want to ensure that its investment requirements,
especially for adaptation, are not overlooked.
CDKN Special Issue, November 2010/C, 8 pp.
Regional implications of the AGF recommendations: Latin America and Caribbean region