Financing the climate deal – the crunch issue for COP21

Ahead of COP21 our seminar looked at climate finance, a potential major stumbling block to success, from a variety of perspectives.

Event details

Date:24 November 2015
Time:09.00 - 10.30 (Coffee and sandwiches will be served from 08.30)
Venue:Medelhavsmuséet, Fredsgatan 2, Stockholm
Register now


The upcoming COP21 climate conference in Paris has been described by media and prominent scientists as the last chance to seal a deal that can limit global warming to 2 degrees. Although the pledges so far only amount to emissions reductions likely to keep us within 3 degrees of warming, the deal will contain provisions to encourage further pledges by member states after Paris.

During intense negotiations in the run-up to this COP, especially at the last meeting in Bonn in October, it has become increasingly clear that unresolved issues regarding finance could yet again prove a major stumbling block to success, as it notably did during COP15 in Copenhagen.

This seminar looked at the complex and rather thorny issue of climate finance from a variety of perspectives. How much will it cost to mitigate and adapt and how do we calculate it? What is the cost of insufficient action? Current and past emissions – how do we assess and divide responsibilities? Can there really be a case for “loss and damages”? What does the current funding situation look like and what are the projected demands? Is it appropriate to finance the climate bill with money from the aid budget?

At the end of the seminar, there was a panel discussion about the expectations for COP21. Will it deliver a sufficiently strong deal? If so, what will such a deal look like? If not, where do we go from there?

Jan Kellett, Disaster and Climate Partnerships Advisor at UNDP, spoke about Climate Change within the 2030 agenda and explain why the issue of climate finance has become so contentious. Whilst Jan Cedergren, Sweden’s Representative on the Board of the Green Climate Fund, walked through the complex world of climate finance, showing what the architecture looks like and how it works. Anna Axelsson, Climate Change Policy Advisor at Diakonia, gave a “south” perspective on the issue and explained why developing countries ask for funding. Måns Nilsson, Research Director at the Stockholm Environment Institute, talked about “The New Climate Economy” and how tackling climate change might in fact boost rather than cut economic prospects. Watch the full seminar below.

Photo credit: UNFCC