Ten things to know about climate finance in 2013

What do the numbers of climate finance really mean?

Ten things to know about climate finance is an annual analysis of data from the world’s only comprehensive public climate finance commitment tracker – Climate Funds Update. This edition finds that pledges through multilateral climate funds have fallen by 71% in 2013, suggesting that investment in climate-related activities have plateaued. It also highlights Europe's leading role on climate finance and spending figures across different climate activities.

Bangui Bay Windmills, Philippines, Energy  Alison Evans delivers a keynote speech to delegates at the Fourth High Level Forum on Aid Effectiveness in Busan, 2011. License: Creative Commons Credit: Storm Crypt Source: Flickr

Pledges are down

10 things to know about climate finance

Pledges to climate funds in 2013 are 71% lower than they were in 2012 (so far)

 

Approval rates

10 things to know about climate finance

Nearly sixty cents out of every dollar pledged has now been approved for viable projects

Mitigation spending

10 things to know about climate finance

Approved spending for mitigation in the entire developing world in 2013 was only slightly higher than Poland’s annual spending on fossil fuel subsidies

REDD funding

10 things to know about climate finance

Funding to reduce emissions from deforestation and degradation grew to a total of US$ 647 million in 2013, less than was spent on a single highway through the Amazon
 

Adaptation funding

10 things to know about climate finance

Funding in response to German flood damage in 2013 was four times higher than the total sum of funding to help developing countries adapt to climate change since 2003

Private investment

Figure 6 - 10 things to know

Public funding has not yet attracted as much private investment as expected: for every US$1 spent between 2010 and 12, only US$ 0.25 of private finance had been drawn in as of the beginning of 2012

Green Climate Fund

10 things to know about climate finance

Korea has pledged the most to the Green Climate Fund to date – US$ 40 million – ahead of all developed countries

Long-Term Finance

10 things to know about climate finance

Despite many meetings, we still don’t know where Long-Term Finance – which is supposed to deliver US$ 100 billion by 2020 – will come from

Europe

10 things to know about climate finance

Despite increasing austerity, Europe remains a leader on climate finance, providing 61% of total funds for multilateral finance to date

Fast-Start Finance totals

10 things to know about climate finance

Total spending on Fast-Start Finance represents just 1.76% of global funding to respond to the 2008 financial crisis