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New website helps developing nations access funds for climate financing
Wednesday, 01 December 2010 20:01
By Kemo ChamDeveloping nations like the Gambia can now easily access funds to finance climate change programmes related to adaptation and mitigation, thanks to a new website aimed at boosting easy access to relevant information.
The Climate Finance Options (CFO) website, the brainchild of the United Nations and partner organizations, is meant to be a source of information on climate financing, to help developing nations, who contribute less yet remains most at risk of the effect of climate change, to identify critical sources of funding to combat these effects.
“Developing countries need access to information on potential sources of finance, inspiring best practice examples, research results and tools for better investment decision making,” the World Bank Environment Department Director Warren Evans said at the launch at the UN Climate Conference in Cancun, Mexico.
He added: “The Climate Finance Options Platform provides a window to such information.”
Developing countries require as much as $100 billion a year for adaptation to climate change and $175 million for mitigation by the year 2030. The World Bank Group and the UN Development Programme (UNDP) therefore jointly developed this web-based information center in collaboration with the UN Framework Convention on Climate Change (UNFCCC) Secretariat to enhance their accessibility to the relevant information.
The CFO analyzes the types and amount of funds available, as well as conditions attached to these funds. It also provides examples of successful cases in which different funds were blended to get maximum impact and will lead to greater efficiency in climate finance transactions, faster deployment of mitigation and adaptation projects, and better coordination between the UN system, development banks and the private sector.
“For climate assistance to be most effective, it is critical for countries to access, sequence, and effectively integrate climate finance sources at the national level,” UNDP Environment and Energy Group Director Veerle Vandeweerd said at the launch.
She added: “UNDP is therefore pleased to be working in partnership to provide the CFO platform and assist countries to navigate the complex sources of finance through a one-stop shop.”
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