New national climate action plans (or ‘INDCs,’ in UN parlance) are being announced on a near-weekly basis.
While every country is expected to address its emissions in their plan as part of the forthcoming global climate agreement, there is also an expectation that the efforts of poorer nations will be supported with climate finance.
To that end, many governments have included a financial element to their proposed plans, outlining the costs of implementation, the amount they will put up from domestic budgets, and how much is required in international support to unlock the plan’s full potential.
Carbon Brief is tracking the financial elements to the government’s climate action plans in the lead up to Paris, including requests for money, domestic funding and any overall price tags that countries have attached to their plans.
While civil society push hard to ensure each clear criteria for each country’s climate plan during UN negotiations in 2014, governments failed to agree to any. And as a result, information is a bit haphazard. Carbon Brief’s Sophie Yeo explains:
Others, such as Ethiopia, have put a price tag on their INDC, but not explained how much money they will need from abroad. Countries such as Algeria and Colombia say that their pledge is conditional upon international support without saying how much they will need.
Carbon Brief analysis shows that, as of 17 September 2015, developing countries have said they will need a total of around $360bn to implement their INDCs.
Of this, $23bn will come from domestic sources, and $110bn has been requested from international donors. The remainder is made up of costs that have not been been specifically assigned to domestic or international funds.
The majority of the INDCs cover the period 2015-2030, meaning that requests for international finance average out, so far, at $7.3bn per year.
More than a hundred of the 154 developing countries involved in the UN process have yet to submit their pledges.
So far, governments have pledged a total of $10.2bn to the Green Climate Fund, which is expected to be the main channel through which climate finance to developing countries will flow. That number is a long way off from the $100bn per year target for 2020.
Governments are expected to outline their plans to reach their 2020 goal at a World Bank meeting in Peru in early October.
It’s also clear that climate finance will need to increase after 2020. One option in the current draft of the new global climate agreement asks developed countries to double their pledge to $200bn a year by 2030.
Read Sophie Yeo’s full post on the Carbon Brief website here.