Long term finance


Another goal in the Copenhagen Accord - in addition to fast start finance - is to jointly mobilize USD 100 billion per year by 2020 to address the needs of developing countries, in the context of meaningful mitigation actions and transparency on implementation. This will enable developing countries to take climate actions beyond 2012.

In February 2010, the UN Secretary-General established a High Level Advisory Group on Climate Change Financing  to study potential sources of revenue  that will enable mobilization of USD 100 billion per year in 2020. The Group will develop practical proposals on how to significantly scale up long term financing for mitigation and adaptation strategies in developing countries from both public and private sources. Their work will provide an additional input to international negotiations.

Many countries and organizations have been actively supporting climate action in developing countries for many years, with support increasing  steadily since the first meeting of the UNFCCC Conference of Parties in 1992.  There is already valuable experience available on financing actions to address climate change, including in multilateral institutions such as the Global Environment Facility, the World Bank and the Adaptation Fund under the Kyoto Protocol (see links).