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Climate Change Policy and Practice
Second UN Framework Convention on Climate Change (UNFCCC) Workshop on Long-term Finance

1-3 October 2012 | Cape Town, South Africa
Daily web coverage (click on the following links to see our daily web pages)
 
Highlights for Monday, 1 October 2012

The Second UNFCCC Workshop on Long-term Finance opened on Monday, 1 October 2012 at the Cape Town International Convention Centre, with participants listening to keynote speeches. Via videolink, Sizwe Nxasana, CEO, FirstRand Limited, noted that governments alone cannot make the shift to a low-carbon economy and underlined the importance of involving all stakeholders. He called for regulations and legislation to play an enabling role in driving further investments. Also via video link, Trevor Manuel, Minister in the Presidency, National Planning Commission, South Africa, called for focusing on taxing the “bad carbon emissions,” by putting a price on carbon, establishing carbon trading systems and setting an emissions ceiling.

The first session on scaling-up of climate finance and sources then convened and addressed:the potential of existing, new and innovative sources of climate finance in the short, medium and long term; various approaches and possible strategies for mobilization of scaled-up climate finance from multiple sources; and the potential role of the UNFCCC in unlocking and/or catalyzing climate finance at all levels.

During the presentations, Mattia Romani, London School of Economics and Green Global Growth Institute, stressed that approximately US$50 billion could be raised relatively quickly from public sources with a carbon price of US$20-25, noting the need for international coordination and collaboration with the private sector in order to unlock these sources.

Nick Robins, HSBC, via videolink, stressed that the institutional investor and banking entities have entered as new stakeholders in the discussions on climate finance. He said new regulatory initiatives have not taken into account sustainable development and low-carbon growth, and emphasized the incipient demand for long-term assets.

Three breakout groups then convened to discuss: the sources of climate finance; how to prevent perverse incentives that could lead developed countries to reduce their emission reduction targets; and aviation and maritime sources and subsidies.

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Room view during the opening session
Opening session
Co-Chair Zaheer Fakir, South Africa
Co-Chair Georg Børsting, Norway
Zaheer Fakir with Georg Børsting before the convening of the morning session
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Sizwe Nxasana, CEO, Firstrand Limited, gave a keynote speech through videolink.
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Trevor Manuel, Minister in The Presidency: National Planning Commission, South Africa, gave a keynote speech through videolink.
Session I: Scaling-up of climate finance: Sources
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Nick Robbins, HSBC, gave a presentation through videolink.
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Mattia Romani, LSE and GGGI
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Speakers answered questions posted in real time through Twitter.
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Zaheer Fakir (far right) presents the leaders of the three break out groups. From L-R: Paul Watkinson, France; Fernando Perdigão, Brazil; and Suzanty Sitorus, Indonesia
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A participant looks under his chair for the drawing that will determine which breakout group he should be attending in the afternoon.
Participants discussing during coffee break
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Participants during the morning coffee break.
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Participants discussing during the morning coffee break.
Afternoon breakout groups
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Paul Watkinson, France, facilitated the discussion in the first group.
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Participants of the first group discussed the sources of climate finance.
 
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Suzanty Sitorus, Indonesia, facilitated discussions in the second group.
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Participants during the breakout group discussed, inter alia, aviation and maritime sources and subsidies.
 
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Fernando Perdigão, Brazil facilitated the third breakout group.
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Fernando Perdigão, Brazil
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Participants discussed how to prevent perverse incentives that could lead developed countries to reduce their emission reduction targets.
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Participants pointed to existing good experiences on scaling up climate finance and means of involving the private sector in adaptation projects that could be replicated.
 
Around the venue
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Related Links
UNFCCC resources
*Workshop website and presentations
*Provisional programme for the Workshop
*Long-term Finance website
*First workshop on long-term finance website and documents, 9-11 July 2012, Bonn, Germany

IISD RS resources
*IISD RS coverage of the Bangkok Climate Change Conference - August 2012, 30 August - 5 September 2012, Bangkok, Thailand
*IISD RS coverage of the Bonn Climate Change Conference - May 2012, 14-25 May 2012, Bonn, Germany
*IISD RS coverage of Selected Side Events at the Bonn Climate Change Conference - May 2012, 14-25 May 2012, Bonn, Germany
*IISD RS coverage of the Fifth Global Business Day, 5 December 2011, Durban, South Africa
*IISD RS coverage of Mountain Day, 4 December 2011, Durban, South Africa
*IISD RS coverage of Forest Day 5, 4 December 2011, Durban, South Africa
*IISD RS coverage of Oceans Day at Durban, 3 December 2011, Durban, South Africa
*IISD RS coverage of Development and Climate Days at COP 17, 3-4 December 2011, Durban, South Africa
*IISD RS coverage of the Durban Climate Change Conference - November 2011, 28 November - 11 December 2011, Durban, South Africa
*IISD RS coverage of Selected Side Events at the Durban Climate Change Conference - November 2011, 28 November - 9 December 2011, Durban, South Africa
*IISD RS Briefing Note of the Fourth meeting of the Transitional Committee for the Design of the Green Climate Fund (GCF), 16-18 October 2011, Cape Town, South Africa
*IISD RS coverage of the UN Climate Change Conference October 2011, 1-7 October 2011, Panama City, Panama
*IISD RS coverage of the UN Climate Change Conference June 2011, 6-17 June 2011, Bonn, Germany
*IISD RS coverage of the UN Climate Change Conference Bangkok - April 2011, 3-8 April 2011, UN Conference Centre (UNCC), Bangkok, Thailand
*IISD RS coverage of the Cancún Climate Change Conference, 29 November - 11 December 2010, Cancún, Mexico
*IISD RS coverage of Selected Side Events at the Cancún Climate Change Conference, 29 November - 10 December 2010, Cancún, Mexico
*IISD RS archive of meetings on climate change, and backgrounder
*Climate-L - A mailing list for news on climate change policy
*Climate Change Policy & Practice - A Knowledgebase of UN and Intergovernmental Activities Addressing Global Climate Change Policy
*Sustainable Energy Policy & Practice - A Knowledgebase of Sustainable Energy Activities
*Sustainable Development Policy & Practice - A Knowledgebase of International Activities Preparing for the UN Conference on Sustainable Development
*SIDS Policy and Practice - A Knowledgebase on the Sustainable Development of Small Island Developing States
*Biodiversity Policy & Practice - A Knowledgebase of UN and Intergovernmental Activities Addressing International Biodiversity Policy
*Linkages Update - Bi-weekly international environment and sustainable development news
*African Regional Coverage
*Latin America and Caribbean Regional Coverage
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