UN Panel Urges Measures to Raise Billions for Climate Change Mitigation

The U.N. Secretary-General’s High-level Advisory Group on Climate Change Financing has released its recommendations for how the international community can raise $100 billion a year by 2020 to offset the impact of global warming on developing countries. Among the recommendations, the panel is urging increasing the price of carbon emissions.

In February, U.N. Chief Ban Ki-moon established the advisory group and asked Ethiopian Prime Ministers Meles Zenawi and his Norwegian counterpart Jens Stoltenberg, to co-chair it. On Friday, they presented the Secretary-General with the 21 member group’s recommendations on how to generate $100 billion a year by 2020 to help address the needs of developing countries in battling the effects of climate change. That target was set at last year’s climate conference in Copenhagen.

Their recommendations include raising the price of carbon emissions from between approximately $10 to $25 a ton now, to $20-$25 a ton by 2020. Prime Minister Stoltenberg said carbon pricing makes it profitable to reduce emissions and said it would raise public revenue at the same time. “Pricing emissions has a double positive effect. It both provides incentives for reducing emissions in developed countries and, in addition, it represents a huge potential source for mobilizing revenue for climate actions in the developing countries,” he said.