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.
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