12 November 2010
I welcome this opportunity to speak to you on climate change and green growth.
I thank the leadership of President Calderon of Mexico.
Every leader in this room has a key role to play. On mitigation, transparency and accountability.
We need to make progress on all fronts.
We need to move forward on efforts to protect forests, finance, adaptation and technology cooperation.
Progress in these areas can deliver immediate results, particularly for the most vulnerable. We can and must move on these items now, even as governments continue to press forward on thornier political issues. The world's poor cannot afford to wait.
Outside the formal negotiations, G20 members can accelerate their individual and collective initiatives to slow and reduce emissions and strengthen adaptation.
Climate finance is crucial for unlocking progress in the negotiations and closing the gap in trust.
To G20 developed countries, I ask you to contribute fairly and transparently to fast-start funding for the 2010-2012 period.
Developing countries are looking for new and additional funds, not repackaged development aid.
I also urge all stakeholders to scale up contributions to meet the $100 billion per year global goal by 2020.
As Prime Minister Meles said, the High-Level Advisory Group on Climate Change Financing provided detailed options for how we can make these resources available.
It is challenging, but feasible. There is no magic solution that will get us to this goal. A number of financing options must be utilized.
I commend the leadership of Prime Ministers Meles of Ethiopia and Stoltenberg of Norway.
I also ask you to increase investment in research and development into green technologies and energy efficiency. Korea is a case in point.
Finally, we need to accelerate efforts to phase out fossil fuel subsidies.
This, in itself, could improve economic efficiency and generate sizeable revenues for climate action and green growth.
The longer we delay, the more we will pay -- in resources, economic competitiveness. And lives.