Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Climate Finance – Where Does the Money Go? Tove Maria Ryding European Network on Debt and.

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Presentation transcript:

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Climate Finance – Where Does the Money Go? Tove Maria Ryding European Network on Debt and Development (Eurodad)

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Why do we need climate finance?

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Why do we need climate finance? Mitigation - global partnership. – Staying below 2 degrees will require “all hands on deck”, and mitigation in developing countries is relatively “cheap” Adaptation – No matter how much we mitigate, there will be hard impacts. (Loss and damage) – We need it now, but it’s still under development

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos What is climate finance? Support to developing countries for: Adaptation Mitigation

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos What is climate finance? Support to developing countries for: Adaptation Mitigation Carbon offsetting – buying “credits” instead of reducing emissions Regulatory market (CDM, Emission Trading Scemes) Voluntary market

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Why do we need transparency?

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Why do we need transparency? Accountability in delivery Accountability in spending Protection against corruption, fraud, tax dodging…

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Why do we need transparency? Accountability in delivery From government pledges to real money Redirection of aid resources Risk of “double-counting” climate efforts Accountability in spending Protection against corruption, fraud, tax dodging…

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Why do we need transparency? Double counting – example: Developed country mitigation commitment Developing country action Offsetting

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Why do we need transparency? Double counting – example: Developed country mitigation commitment Developing country action Offsetting We are taking action! We provide climate finance! We are taking action!

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Why do we need transparency? Accountability in delivery Accountability in spending Democratic governance Receiver country ownership Protection against “perverse” projects (human rights violations, expensive public-private partnerships, projects that don’t benefit the climate, damage communities…) Protection against corruption, fraud, tax dodging…

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Why do we need transparency? Accountability in delivery Accountability in spending Protection against corruption, fraud, tax dodging… – Carbon cowboys (example: Yagua and Matsés in Peru vs. Australian “carbon trader”) – Consumer fraud – Risk of tax avoidance – The problems we’ve seen with the EU Emission Trading Scheme Theft, VAT fraud, corruption, re-sale of used of used carbon credits, misreporting…

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Ways to improve transparency Delivery Climate finance commitments must be included in the legally binding “Paris Protocol” as quantified “Intended Nationally Determined Contributions” A clear definition of when climate finance is “New and Additional” to aid commitments Spending Protection against corruption, fraud, tax dodging…

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Ways to improve transparency Delivery Spending Support to developing countries: Aid effectiveness principles Carbon trading: Solid accounting systems for emissions and reductions Climate institutions: Strong anti-corruption regulation Companies participating in implementation: Beneficial ownership and country by country reporting Tracking climate projects, including public access to information Protection against corruption, fraud, tax dodging…

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Ways to improve transparency Delivery Spending Protection against corruption, fraud, tax dodging… Again, beneficial ownership information and country by country reporting Consumer protection in the voluntary carbon market, including definitions of emissions reductions and carbon “neutrality” Protection of forest dwelling communities

Hidden Money, Hidden Resources Dinero oculto, recursos ocultos Once said about the carbon market: “I can see my money disappearing, but I can’t see what it is I’m getting in return”…