BLOG SURF: Climate finance
It’s been more than a year since the historic Paris COP21 agreement. A month ago, climate change was discussed again at COP22 in Marrakech.
Meanwhile, Asia continues to face growing climate pressures, so it’s time to move beyond dialogue to real projects on the ground. Here are some myths that I’ve encountered in the post-Paris scenario which should be dispelled to encourage faster action.
In 2014, the private sector invested more than $240 billion in low-carbon projects, accounting for 61% of total global investment. This year, green bond issues are projected to reach $100 billion, up from only $2.6 billion in 2012.
That’s far from enough but a good start, and more is likely to come.
Citibank, Goldman Sachs, and Bank of America pledged more than $300 billion for climate finance in the next decade; Bill Gates and other high-profile investors recently announced a new $1 billion fund targeting new disruptive clean technology (cleantech) ventures.