MaREI Centre shows UN Green Climate Fund needs grow from billions to trillions by 2020
The MaREI research results indicate that the Green Climate Fund needs to be more than $1.2 trillion per annum by 2020, i.e. more than 10 times greater than the $100 billion per annum agreed during the Paris Climate Agreement (2015).
The research carried out by MaREI researcher Dr James Glynn at the Environmental Research Institute in University College Cork, explores how the efforts to limit climate change can be shared in an equitable way regionally around the world. In particular, the research quantifies what size the Green Climate Fund replenishment in the next tranche (the period to 2020) of finance should be. The fund’s purpose is to invest in adaptation and mitigation required to stabilise global temperatures in an equitable way.
During this meeting Dr. Paul Oquist discussed the need to replenish the Green Climate Fund.
“This research is very useful in informing our current discussions in the Green Climate Fund Board. We have recognised that we need to move from investment levels of billions to trillions. UCC’s research is very timely and valuable –the analysis confirms our thinking and provides us with new and detailed insights into who should pay and where this funding should be used.”
Dr. Glynn highlighted, “It is extremely contentious politically to allocate responsibility for climate change, but if we are to stabilise global temperature below 2°C, mitigation ambition needs to ramp up immediately. International investment aid in zero carbon energy system needs to rapidly increase from the $8 billion available to the Green Climate Fund to date, to the $100 billion agreed in the Paris Agreement, and beyond to greater than $1 trillion by 2020.”
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