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but funds will only flow from agreement in CancunA high level analysis of climate finance submitted to the United Nations yesterday has demonstrated the feasibility of putting up by 2020 US$100 billion a year in public funding to fight climate change.According to WWF, this conservative analysis by the special High-level Advisory Group on Climate Change Finance (AGF) sets the stage for a finance agreement to come out of the UN climate summit starting late this month in Cancun,Terrence Brooks Eagles Jersey, Mexico.The AGF was set up by United Nations Secretary-General Ban Ki-moon in February, Co-chaired by Prime Minister Stoltenberg from Norway,Stevie Johnson Chargers Jersey, and Prime Minister Zenawi from Ethiopia, to explore innovative financing sources and mobilize the financing promised for climate change during the United Nations Climate Change Conference in Copenhagen last December.President Bharrat Jagdeo sits on the High-level Advisory Group.“The Secretary General’s high level group has come up with the financial mechanisms, now we look to Governments to come up with the political mechanisms to get the finance actually flowing,Arian Foster Dolphins Jersey,” said Gordon Shepherd, leader of WWF’s Global Climate Initiative Financing.The funding, agreed to in principle under the Copenhagen Accord from the last UN climate summit, is needed to support action in developing countries to halt the destruction of tropical forests, speed the transition away from high-emission models of development,Leonte Carroo Dolphins Jersey, and to help vulnerable countries adapt to climate change impacts.“These public funds are critical to speed up the development and implementation of new technologies,Dontrelle Inman Chargers Jersey, as well as for adaptation and resilience building, new energy efficient infrastructure,Stefen Wisniewski Eagles Jersey, and for construction. It will also be used to leverage private sector finance which will contribute much of the investments needed in clean energy technologies,Allen Barbre Eagles Jersey,” said Shepherd.“Our experience is that public investment and initiatives play key roles in mobilising and directing private investment.”The AGF report gives strong support for financing from carbon pricing mechanisms, with one of the most promising sectors being international aviation and maritime transport, whose emissions are as yet unregulated.“We expect decisive action in Cancun to put this finance source on a fast track to implementation,” said Shepherd.Other promising sources were downplayed because of opposition from some individual group members, with the chief casualty being the financial transaction tax (FTT).Although the assumptions used by the AGF to assess the scale of potential financing generated are extremely conservative, and some members placed undue emphasis on private sector investments in meeting the $100 billion per year financing milestone, the report provides a useful starting point for moving forward.Parties in Cancun can build upon the AGF recommendation on the way to establishing a much needed new UN Climate Fund and could contribute to host country Mexico’s wish for progress on all elements of a “balanced” Cancun package.Responding to the publication of the report, Steve Herz of Greenpeace International said: “Developed countries now have no excuse to delay meeting their promise to raise $100bn a year by 2020 to support climate action in the developing world.“It is now clear that it is both technically feasible and politically possible for governments to raise substantial amounts of public money for climate action from new mechanisms,Byron Maxwell Dolphins Jersey, such as pricing emissions from international air travel and shipping.”“In fact, developed countries can meet their Copenhagen commitments without raiding existing aid programs, and without counting the face value of loans or private sector investments, rather than their grant component.”Greenpeace is calling on Governments gathering at the upcoming climate talks in Cancun, Mexico,Jason Peters Eagles Jersey, to make clear progress on outlining how decisions on innovative sources of funding will be taken and to build upon their Copenhagen commitments by agreeing that they will provide at least US$100 billion in public finance that is new and additional to existing aid targets, as a significant milestone towards achieving the public funding that is actually needed.