By Elias NtungweNgalame
PARIS, France (PAMACC News) - Blending projects with climate change finances is helping to bring many climate change related projects to life in many regions of the globe thanks to a dedicated commitment and engagement by the European Union.
At a European Union side-event dubbed ‘EU and International Climate Finance; delivering and leading ahead’, at COP21 Paris on December 4, 2015, the officials expressed the need to mobilize finances to support climate related projects on mitigation and adaptation especially in developing countries.
“ The EU and its member states are a global leader in climate finance and we look forward to upscaling these endeavor especially to developing countries after this Paris climate conference,’’ announced Pierre Moscovici, European Commission, Commissioner Economic and Financial Affairs, Taxation and Customs at the opening of the side event.
The EU said it mobilized 14.5 billion euros in 2014 and looks forward to upscaling the amount until 2020, and further ensure rise of official development assistance until 2030.
The EU commissioner was corroborated by Green Climate Fund director of Mitigation and Adaptation, Tao Wang who said adequate financial support was needed to strengthen human resource capacity and solidify infrastructure building in energy and roads especially.
‘Energy generation and transport facility building are among the priority areas. We are ready to join hands with other funding partners to support and promote paradigm shift potentials with innovative projects that can be replicated to other needed countries,’’ Tao Wang said.
Emphasis was also laid on the need to leverage private investors to engage in carbon emission reduction projects. The European investment Bank announced the mobilization of over 100 billion dollars within the next five years to achieve this goal.
“ Private finance for energy efficiency for example has been very successful in South Africa and Kenya with large wind power projects financed by the European Investment Bank,’’ pointed out Jonathan Taylor, vice president of Environment and Climate Action of the Bank.
The African Development Bank also joined in the climate finance for developing countries with emphasis on infrastructure development especially road construction.
“Building on infrastructure and especially road network is cardinal. Bringing roads is bringing development and this is one of the biggest priority of the African Development Bank in many African countries,’’ disclosed Solomon Asamoah, African Development Bank vice president in charge of infrastructure, private sector and regional integration.
Statistics from the EU shows that the institution mainstreams climate throughout its support to developing countries. In addition, the EU has set up specific Climate Change windows to crowd-in more public and private financing for low carbon, climate resilient investments.