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iN Focus: cop21

the road to cop21

iN paris

A sense of global optmism has been fostered in the lead up to COP21. Internatonal climate negotatons are in much beter
shape than in the run-up to the Copenhagen conference, and this is mainly because there is less emphasis on a legally
binding treaty. Chances of success at the Paris conference are higher than before with more actve engagement from both
the United States and China. Now, eforts need to be taken to strengthen the politcal will on climate change and fnd realistc
approaches to resolve the politcal issues through dialogue. The Paris conference itself would then be about removing any
obstacles and celebratng its success.

Four key elements are needed to increase the chances of a successful costs are too high, the risks are too great or the markets are too
climate deal in Paris. The frst is for all countries, whether rich or small. These are a set of challenges faced by investors. Besides this,
poor, large or small, to commit to clear acton on climate change. developing countries don’t have an adequate understanding of the
The second is to ensure that they all pledge to incorporate their technologies that are available and how, and in what ways, those
commitments into natonal law. The third is to regularly review all technologies could be applied to their countries. So it is essental to
eforts to deliver on the Paris outcome, while the fourth is to agree create a conducive regulatory environment for technology transfer
on robust fnancing in support of developing countries’ eforts. In and to build the necessary capacity to deploy it. Last, it is critcal to
Paris, countries are likely to make choices to act to tackle climate develop bankable project proposals that translate environmental
change based on their natonal interest. Unlike in Copenhagen where propositons into a comprehensible language for investors and take
the talks focused on binding commitments, countries now volunteer those proposals to the fnancial insttutons that can fnance project
targets to reduce polluton and deal with global warming. This is implementaton.
an encouraging sign of countries’ shared commitment to achieve a
positve outcome in Paris. Financial support for developing and emerging economies is
important, and in line with an efort to increase their access to
Compared to fve to 10 years ago, we are putng the debate climate fnance, internatonal organizatons and agencies, including
much more in the context of an economic model that works to ourselves at the Global Green Growth Insttute, are helping to
address global challenges. This is important because the primary develop investment-ready projects. GGGI is conductng 37 programs
objectve for many developing countries is economic growth and in 22 countries to support developing natons mainstream the green
poverty eradicaton. The tme when developing countries thought growth agenda to the forefront of their economic development
of environmental issues as something only the North needed and plans. GGGI also helps countries to develop green growth plans that
could aford to worry about is well behind us. A number of trends are “bankable” - projects that meet investor criteria and that will be
are driving this. Global issues, such as climate, energy, food, water, implemented.
material prices and the impacts of aging, urbanizaton and wealth The Paris agreement will not fully bring us to achieving the two
increase are all afectng the economic, social and environmental degree target, but it will put us on track to begin the process to reach
prospects of countries around the world.
that goal. Therefore, it is essental for the global community to meet
One critcal issue at COP21 will be climate fnance for supportng every three years or so to review progress on the promises, and if
developing and emerging countries, and investng and fnancing the necessary agree on further actons. Back in 2009 in Copenhagen,
new low-carbon technologies. First, developed countries need to expectatons were too high and unclear. Six years on, there is more
take steps to show commitments to support developing countries clarity on what the Paris conference should deliver, and when
through public fnance. The role of the private sector is also critcal. expectatons are more within the realm of possibility, there’s a beter
Greater emphasis needs to be placed on using public fnance to chance of achieving results.
leverage private capital and build policy incentves for directng
private fnance to developing countries. Second, increasing politcal
commitment to environmental issues is essental. A lack of politcal Mr. Yvo de Boer is the Director-General of the Global Green
interest is leading to budgetary and insttutonal limitatons in the Growth Insttute (GGGI), a Seoul-based internatonal organizaton.
context of climate change. The contributon that green growth could Established in 2010, GGGI is a member-based internatonal
make to strengthen economic growth and poverty eradicaton is organizaton founded to support developing and emerging countries
not at the core of the high-level politcal debate in many countries. in the transiton to greener, sustainable and low-carbon economies.
It is important for governments to realize that the transiton to a GGGI works with governments to help them achieve their growth
green pathway is becoming fnancially viable and there is a need to goals of real inclusive and sustainable change for their people and
provide frameworks for green growth that can lower policy barriers. the environment.
Third, technology, at present, is not making its way into the market
to efectvely assist developing countries. This is partly because the

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