New Report Highlights Success Of European Climate Finance

12.7.11

DURBAN, South Africa,– Whether the initiatives are large scale, like Kenya’s plans to secure a quarter of its energy from geothermal sources, or more locally-based, like a project in India to replace kerosene lamps with off-grid solar lighting, all are indicative of the power of climate finance. In a report carried out by the Center for Clean Air Policy-Europe, under a grant agreement of the European Climate Foundation, “Climate Finance Works” showcases 40 of these climate finance success stories and demonstrates that low-carbon development activities are possible with outside financing support.

“Climate Finance Works perfectly illustrates collaborative initiatives that help to limit greenhouse gas emissions,” Center for Clean Air Policy President Ned Helme said. “These prime examples of climate finance really set the stage for Annex 1 countries to begin making larger contributions to Nationally Appropriate Mitigation Actions. ‘Climate Finance Works’ outlines our progress thus far, and we need to be diligent about delivering on the promise of mitigation finance by stepping up contributions to effective actions in developing countries.”

In early 2011, CCAP launched the Mitigation Action Implementation Network (MAIN) that assists middle-income countries in Latin America and Asia to implement high-impact climate change mitigation actions, or NAMAs. CCAP, in collaboration with the World Bank Institute (WBI), founded MAIN to promote the exchange of best practices among developing countries that prepare NAMAs. The effort also brings contributing countries together with NAMA developers to foster development and finance of NAMAs that meet the needs of all parties.

“This report demonstrates how European Member States have maintained momentum in delivering climate finance to developing countries around the world,” CCAP-Europe Director Tomas Wyns said. “The success stories outlined in ‘Climate Finance Works’ not only help to reduce emissions, but also provide social and economic growth, as well as access to sustainable, clean energy.”

For more information, contact CCAP-Europe Director Tomas Wyns at twyns@ccap.org.