05 November 2010
Prime Minister Stoltenberg,
Prime Minister Meles,
Ladies and Gentlemen,
I am pleased to introduce the distinguished co-chairs of my High Level Advisory Group on Climate Change Financing – H.E. Prime Minister Meles Zenawi of Ethiopia, who has joined us by video, and H.E. Prime Minister Jens Stoltenberg of Norway.
I thank both Prime Ministers for their leadership on one of the most important issues in global climate change discussions.
Earlier this year, I asked the Group to identify new, innovative and additional sources of financing to meet the goal set by industrialized countries at the United Nations Climate Change Conference in Copenhagen last December of $100 billion dollars a year by 2020.
Those funds aim to assist developing countries to bolster climate resilience, curb greenhouse gas emissions and strengthen sustainable development.
This morning the co-chairs gave me their final report.
It contains financing options that are both financially feasible and politically viable.
The High-Level Advisory Group has concluded that it is challenging, but possible, to meet the 2020 goal.
It will need sustained political will, appropriate public policy signals for the markets, and financial ingenuity.
There is no silver bullet – no “one size fits all” solution for raising these funds.
We will need a variety of revenue sources from both the public and private sectors.
And all countries will need to demonstrate a strong commitment to domestic mitigation efforts.
These efforts, along with the introduction of new public instruments based on carbon pricing, will be among the keys to mobilizing the required financing.
The greater the available revenues, the greater the potential for markets to deliver on low-carbon, sustainable growth.
The Advisory Group has given us a path. It is now up to Governments to consider the options and to act.
This is not about charity.
It is about doing the right thing for those who are suffering most from a crisis that they did least to cause.
And it is about doing the wise thing for all of us.
Funds that support mitigation and adaptation efforts in developing countries are an investment in a safer, cleaner, healthier future for us all.
The Advisory Group's final report comes three weeks before the opening of the United Nations Climate Change Conference in Cancún, Mexico.
The Group's findings are being shared with all Parties, and will feed into the United Nations Framework Convention process.
This report can help governments in their discussions on climate finance, which is one of the most difficult areas in the negotiations. I hope it will help them move forward.
I will also use the report in other relevant intergovernmental processes.
I thank again most sincerely Prime Ministers Meles and Stoltenberg for their efforts and leadership. I also extend my appreciation to all the members of the High-Level Advisory Group for their leadership and contribution. I look forward to working with them in the run-up to Cancún and beyond.
I now invite the co-chairs to provide more details, and to answer your questions.