Topic: Financing climate change mitigation and adaptation
The issue of Climate Change is often considered one of the most diverse, complex and difficult problems of our time. Its effects have resulted in dramatic changes of living and weather conditions, posing serious, wide-ranging risks to societies, ecosystems and especially economies. Rooted in the increasing emittance of Greenhouse gases, deforestation and other man-induced actions, climate change has been affecting the rise of poverty worldwide. According to the most recently released World Bank report, climate change could push an additional 100 million people into poverty by 2030, threating to nullify previous efforts of the World Bank. Examples of the ties between climate change and world poverty, such as issues of damaged coastal infrastructure, shifting patterns of infectious diseases and increasing loss of food security can be named. To address the increase of climate change induced poverty and combat the rise of post-disaster poverty, the World Bank Group (WBG) has recently started to integrate climate change counter measures into its work. These measures are based on the principles of climate change “mitigation” and “adaption”. Climate change mitigation incorporates measures to reduce Greenhouse gas emissions worldwide, while measures to increase resilience to reoccurring natural disasters are generally termed as adaptation. Unknown to most is the World Bank and its fellow associates one of the main institutions financing climate change mitigation and adaption measures, currently providing over $11.9 billion in financing for 224 climate projects in over 77 countries in the fiscal year of 2014, including $8.79 billion from the World Bank (IBRD/IDA), $2.48 billion dollars from IFC, and $603 million from MIGA. In addition to these efforts and in the context of last year’s COP21, more than 180 countries submitted their pledges, or Nationally Determined Contributions (NDCs), to the United Nations Framework Convention on Climate Change. Of those, 140 countries are currently working with the World Bank Group and raising over $4.36 billion through 18 carbon funds and initiatives and supporting over 150 projects in over 75 client countries. In fact, these climate change mitigation projects have succeeded in reducing the equivalent of 196 million tons of carbon dioxide emissions to date. Looking ahead however, the World Bank is aware that a new family of carbon funds, facilities, and initiatives is needed to further combat climate change and to help prepare the next generation of carbon finance mechanisms, which will be the main goal of this committee at MainMUN 2017.