12 February 2010
Good morning and good afternoon, ladies and gentlemen.
It is a great pleasure to have this very important video conference with Prime Minister Gordon Brown of the United Kingdom and Prime Minister Meles Zenawi of Ethiopia. Thank you very much for your participation.
Ladies and gentlemen,
With Prime Minister Gordon Brown of the United Kingdom and Prime Minister Meles Zenawi of Ethiopia, I am pleased to announce today to launch of a new high-level Advisory Group on Climate Change Financing.
Its mission is to mobilize the financial resources for climate change pledged at the recent United Nations Climate Change Conference in Copenhagen.
Prime Minister Meles and Prime Minister Brown will co-chair the group. Other members will include Heads of States and Government, high-level officials from Ministries and Central Banks, as well as experts on public finance, development and related issues, who will serve in their personal capacities.
There will be an even balance between developing and developed countries. I will soon make available a full list of the panel members.
The Advisory Group will develop practical proposals to significantly scale-up both short-term and long-term financing for mitigation and adaptation strategies in developing countries.
In particular, it will look at how to jump-start the mobilization of new and innovative resources to reach US$100 billion annually by 2020. Funding would include both public and private sources.
These resources would support adaptation, mitigation, technology development and transfer, and capacity building in developing countries, with priority for the most vulnerable countries.
I expect the Advisory Group to prepare early outputs by the May/June meetings of the UN Framework Convention on Climate Change (UNFCCC). Final recommendations would be issued before the next Conference of the Parties in Mexico in December.
I will ensure that the results of the Group's work are communicated to the UNFCCC Conference of Parties, with the full expectation that the Advisory Group's work will help build momentum toward the successful negotiation of a comprehensive climate change agreement.
In closing, let me emphasize the importance of rapid action. It is particularly important to release money for immediate adaptation and mitigation efforts in developing countries, especially for the most vulnerable.
Developing countries need to move as quickly as possible toward a future of low-emissions growth and prosperity. Millions of people in Africa and around the globe are suffering from the effects of climate change.
Providing resources for adaptation is a moral imperative. It is also a smart investment in a safer, more sustainable world for all.
Thank you very much again Prime Minister Gordon Brown and Prime Minister Meles Zenawi for your willingness to serve as co-chairs of this very important high-level Advisory Group on Climate Change Financing and your leadership, and your commitment, in addressing one of the most critical challenges facing our world today.
Thank you very much.