• Covid-19
  • Agrofood
  • Business & Economy
  • Construction
  • Energy
  • Healthcare
  • Hospitality
  • IFP Events
  • IFP Insider
    • Event News
    • Interviews
  • العربية
IFP Info - News
  • Covid-19
  • Agrofood
    • All
    • Agriculture
    • Environment
    • Food
    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Azerbaijan, Iraq discuss prospects of relations

    Azerbaijan, Iraq discuss prospects of relations

    Oman inks pack to bolster role of SMEs in food systems

    Oman inks pack to bolster role of SMEs in food systems

    MAFWR, Port of Duqm sign MoU

    MAFWR, Port of Duqm sign MoU

    Trending Tags

    • Business & Economy
      • All
      • Business
      • Communication
      • Digital
      • Economy
      • Finance
      • Trade
      • Transport & Logistics
      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

      Turkey eyes $5bn bilateral trade with Qatar

      Turkey eyes $5bn bilateral trade with Qatar

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

      Deal signed to set-up first factory in Qatar to assemble electric vehicles

      Deal signed to set-up first factory in Qatar to assemble electric vehicles

      Railway line to be built between Mosul, Turkey: governor of Nineveh

      Railway line to be built between Mosul, Turkey: governor of Nineveh

      Local, Italian companies partner up to establish food retail chain in Egypt

      Local, Italian companies partner up to establish food retail chain in Egypt

      Trending Tags

      • CES 2017
      • Election Results
      • eSports
    • Construction
      • All
      • Infrastructure
      • Real Estate
      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

      Miral’s premier Abu Dhabi waterfront project work on track

      Miral’s premier Abu Dhabi waterfront project work on track

      Aecom wins Neom utilities infrastructure design contract

      Aecom wins Neom utilities infrastructure design contract

      Trending Tags

      • Energy
        • All
        • Oil & Gas
        • Power & Electricity
        • Renewable Energy
        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

        Tadweer opens phase 2 of solar power plant at Al Dhafra

        Tadweer opens phase 2 of solar power plant at Al Dhafra

        France to help Iraq generate electricity, will invest in education, science: Macron

        France to help Iraq generate electricity, will invest in education, science: Macron

        Acwa Power inks finance deals for 900MW Dubai solar park

        Acwa Power inks finance deals for 900MW Dubai solar park

        Trending Tags

        • Healthcare
          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          UAE sends medical aid to Iraq to fight COVID-19

          UAE sends medical aid to Iraq to fight COVID-19

          UAE launches phase III trial of inactivated Covid vaccine

          UAE launches phase III trial of inactivated Covid vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

        • Hospitality
          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

        • IFP Events
          Interior & Design

          Interior & Design

          Food Africa

          Food Africa

          Project Qatar

          Project Qatar

          Project Lebanon

          Project Lebanon

        • IFP Insider
          • Event News
          • Interviews
        • العربية
        No Result
        View All Result
        • Covid-19
        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food
          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Communication
            • Digital
            • Economy
            • Finance
            • Trade
            • Transport & Logistics
            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality
                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

              • IFP Events
                Interior & Design

                Interior & Design

                Food Africa

                Food Africa

                Project Qatar

                Project Qatar

                Project Lebanon

                Project Lebanon

              • IFP Insider
                • Event News
                • Interviews
              • العربية
              No Result
              View All Result
              IFP Info - News
              No Result
              View All Result

              How to finance the transition to a green economy?

              Sindicatum Renewable Energy

              December 22, 2014
              in Renewable Energy
              0

              According to the United Nations Intergovernmental Panel on Climate Change, the Earth is set to warm by 4 to 5 degrees compared with pre-industrial levels, warming that will wreak devastating effects on the planet and lead to massive destruction, loss of life and loss of subsistence for millions. In order to avoid this outcome, the International Energy Agency says we need US$1trn a year until 2050 to finance a transition to green growth and green lifestyles.

              Where is this US$1trn going to come from?
              First, based on research by the Climate Policy Initiative, three-quarters of all climate financing already comes from the country it is spent in. We will need (and will have to get) funding from most countries, even very poor ones, though that’s not the same thing as saying we need it from their public purse: climate change is a global “commons” and requires every individual, company, and country to participate in its solution.

              Countries with little capacity to reduce emissions and adapt to climate impacts will nonetheless have a deep-pocketed private sector which can contribute. What matters is how the private sector can be made a full partner in the fight against climate change. The private sector already accounts for more than 60% of global climate finance and if we are to get to US$1trn in annual climate finance flows, it will have to account for the majority of funding.

              Second, we also know that out of this US$1trn, US$100bn or 10% is intended to come via the Green Climate Fund, a UN institution which joins an alphabet soup of international climate support vehicles, including the GEF or Global Environment Facility, the CIFs or Climate Investment Funds, the UN climate talks’ “Adaptation Fund” and another thirty-five organizations listed as “UN partners on climate change”. The Green Climate Fund is supposed to facilitate the mobilization of the US$1trn annual flow of capital needed for climate action.

              So how do we make the private sector a full partner, while getting the Green Climate Fund off the ground?
              Private sector mobilization is straightforward: we must continue our efforts to introduce a carbon price across, at a minimum, all G20 economies. Carbon markets represent up to 50% of the solution in the fight against global warming and a carbon price is critical to mobilize the private sector (which accounts for 70% of global GDP and 70% of employment). Domestic carbon markets are spreading and linking up around the world, and by 2015 are likely to cover some four billion people. Yet fossil fuel industry lobbying continues to deliver watered-down versions of this effective instrument. Green bonds, for example, won’t get off the ground at the scale we need without a carbon price (and a rising curve for carbon prices) to help price future cash flows correctly.

              Getting the Green Climate Fund off the ground with US$100bn in annual spending power is just as challenging. For now, the US$100bn is nowhere to be seen, a symptom of a larger malaise. There are several factors behind a social movement’s likelihood to succeed, and, to date, the climate movement has spectacularly bungled all of these factors, but none more so than the need to give rise to stabilizing institutions to give it permanence and efficacy. The track record of climate funding from UN-related institutions leads one to despair: between them, these vehicles disbursed a total of US$15bn over the past 20 years, an average of US$750m per year, a far, far cry from US$100bn.

              Contrast the current state of international climate funding, in particular the Green Climate Fund, with the Global Fund to Fight AIDS, Tuberculosis and Malaria. The Global Fund is an international financing institution set up in a partnership between governments, civil society, the private sector and affected communities, by combining resources towards fighting HIV and AIDS, tuberculosis and malaria through grant programmes. Founded in January 2002 in Geneva, just three months later it approved its first round of grants for 36 countries. Twelve years later, the Global Fund has disbursed more than US$23bn, saving 8.7 million lives: emphatic proof that global co-operation can work and that when it does, it solves global problems.

              Why has the climate movement been unable to give rise to effective institutions of a size commensurate with the problem we are trying to tackle?
              The Green Climate Fund has been a very long five years in the making and is acting as if it were deserted of common sense: while it has received a paltry US$40m in pledges so far, it spent all of it on its administration and on board meetings around the world, without a thought to approving even symbolic grants to needy communities and deserving projects. In typical fashion, in May 2014, it declared that it finally agreed on a set of design rules, paving the way for its initial capital to be raised, and accompanied this “success” by announcing a French contribution of US$1m (that’s 10% of 1% of 1% of US$100bn) to fund its own expenses! There are a couple of conclusions we can already draw from the history of climate funding mechanisms.

              First, we need to stop reinventing the wheel with new aid mechanisms. Greater fragmentation is undermining the few public dollars that are put toward mitigation and adaptation annually. As the Global Fund has shown, it is easy to raise massive amounts of funding once the political will is there. In the case of the climate funding mechanisms, whether it’s the Adaptation Fund, the GEF, the CIFs or the Green Climate Fund, we know that that financial transaction taxes for example (well-tested, tiny taxes on certain financial transactions, also known as Robin Hood taxes) could raise US$300bn a year globally. It’s time for the G20 or the G7 to implement these Robin Hood taxes and, following the lead of the Global Fund, voluntary taxes on aviation as well.

              Second, it’s time for the UNFCCC to be vastly scaled down to an institution providing technical input on monitoring, reporting and verification, and accounting of greenhouse gas emissions. After 20 years of arguing that a tonne of CO2 is a tonne of CO2, it’s now clear that’s not the case. The “tonne is a tonne” mantra is a key reason behind the failure of international negotiations, because the effort to reduce emissions in one country is not the same as that required in another. As we are witnessing, governments are quite happy developing emission-reduction policies and measures on their own terms.

              Recognizing this fact leads to the conclusion that the UNFCCC’s function should now be greatly reduced, with much less effort devoted to trying to get countries to agree on comparable targets and much more effort devoted to ensuring the integrity of underlying climate actions. With sound monitoring, reporting and verification principles accepted among all governments, there is much greater scope for markets to work to create long-term, rising forward price curves against which the private sector can invest.
              Sindicatum Renewable Energy
              Assaad W. Razzouk
              • Assaad W. Razzouk is a Lebanese-British clean energy entrepreneur, investor and commentator. He is Group Chief Executive and co-founder of Sindicatum Sustainable Resources, a global clean energy company headquartered in Singapore; a board member of the Association for Sustainable and Responsible Investment in Asia; and a board member of the Climate Markets and Investment Association.

              Previous Post

              Qatar’s economy has an inbuilt resilience

              Next Post

              Saudi 2015 budget expected to raise spending marginally

              Next Post

              Healthy Dubai real estate market can ride out cheap oil

              News Letter

              Subscribe to our mailing list to receives daily updates direct to your inbox!

              *we hate spam as much as you do

              Recent News

              Madayn working on major Oman industrial city projects

              Madayn working on major Oman industrial city projects

              September 28, 2020
              Qatar 2022 to offer cruise ships for fan accommodation

              Qatar 2022 to offer cruise ships for fan accommodation

              September 28, 2020
              Egypt’s Trade minister, Hungarian ambassador discuss economic relations

              Egypt’s Trade minister, Hungarian ambassador discuss economic relations

              September 28, 2020
              IFP Info – News

              The latest Middle East Business News & Events brought to you on a daily basis from multiple credible news portals around the world

              Follow Us

              Categories

              • Agrofood
              • Business & Economy
              • Construction
              • Covid-19 Updates
              • Energy
              • Event News
              • Healthcare
              • Hospitality
              • Interviews

              Countries

              • Bahrain
              • Egypt
              • Iran
              • Iraq
              • Jordan
              • Kingdom of Saudi Arabia
              • Kuwait
              • Lebanon
              • Oman
              • Other Africa
              • Other GCC
              • Other Middle East
              • Qatar
              • Syria
              • United Arab Emirates
              • Worldwide

              Newsletter

              Subscribe to our mailing list to receives daily updates direct to your inbox!

              *we hate spam as much as you do

              • About
              • Advertise
              • Privacy & Policy
              • Contact

              © 2018 IFP Group - All Rights Reserved / www.ifpexpo.com

              No Result
              View All Result
              • Covid-19
              • Agrofood
              • Business & Economy
              • Construction
              • Energy
              • Healthcare
              • Hospitality
              • IFP Events
              • IFP Insider
                • Event News
                • Interviews
              • العربية

              © 2018 IFP Group - All Rights Reserved / www.ifpexpo.com