Financial Innovations and Market Mechanisms for Coping with Climate Change
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Financial Innovations and Market Mechanisms for Coping with Climate Change
- 1. Financial Innovations and Market Mechanisms for Coping with Climate Change SVRK Prabhakar Senior Policy Researcher, Adaptation Team, NRM Group Presented at International Conference on Adaptation to Climate Change and Food Security in West Asia and North Africa, Kuwait City, 13-16 Nov 2011 Institute for Global Environmental Strategies, Hayama, Japan
- 4. How Much Adaptation Costs? Region Sector Assessment (b USD) Source 46 NAPA countries All NAPA sectors 2.1 UNFCCC NAPA Database (2011) Africa Urban water infrastructure 2-5 Muller (2007) Developing 3 -37 per year (WB) Stern review (2007) Developing 50 per year Oxfam (2008) Global Agriculture and fisheries 14 McCarl (2007) Global Water sector 531 Kirschen (2007) Global Agrl., water, health, CA & infrastructure 49-130 Smith (2007) Global Few sectors 44-164 (27-66 for developing countries) UNFCCC (2008)
- 5. Adaptation Costs for WANA Region *Out of 27 WANA countries, 6 countries have submitted NAPAs out of total xxx of non-Annex I countries Country Sector Required (m USD) Source Ethiopia All NAPA sectors 769 UNFCCC NAPA Database (2011) Sudan All NAPA sectors 15 WANA region All NAPA sectors 872*
- 6. Sources: The Global Picture Source: modified from Bouwer & Aerts, 2006 Green climate funds
- 10. Existing and Potential Finances ~2 ~24.5 Various sources Fund Disbursements (b USD) Total* (b USD) Notes KP-AF 0.241 0.372 Until 2012 WB CIF Forest Investment Program 0.007 0.577 Pledges so far Pilot Program for Climate Resilience 0.027 0.987 Pledges so far DFID International Climate Fund 1.4 6 Pledged until 2014/15 GEF (TF, LDCF, SCCF) 0.023+0.104+0.08 NA+0.324+0.18 Japan Fast Start Finance - 15 Until 2012, 50% for adaptation in LDC & Africa through GEF and CIF EU Global CC Alliance 0.113 0.226 Until 2010 Indonesia CCTF 0.005 0.019 Adaptation: 1.2 mn total International Climate Initiative (Germany) 0.077* 0.680 *Adaptation only (14% of total) MDG Fund (Spain) 0.053* 0.089 *59% of total approved so far
- 18. Selected examples of Risk Insurance Prabhakar and Fukuda, 2010 S No Case Geographical coverage Hazards covered Direct benefactor Payment trigger 1 Caribbean Catastrophe Risk Insurance Facility Caribbean (Regional) Hurricane and earthquakes National governments Parametric 2 Mexico Cat Bonds Mexico Earthquakes Individuals Parametric 3 Turkish catastrophic insurance pool Turkey Multi-peril (Currently earthquake only) Building owners Indemnity 4 BASIX-ICICI Lambard micro insurance Andhra Pradesh, India Monsoon failures Farmers Index 5 Indian National Agricultural Insurance Scheme All over India Crop failure due to a range of conditions Farmers Indemnity 6 Agricultural weather index insurance Thailand Crop failure (Maize and rice) Farmers Index 7 Crop insurance in Japan Japan Crop failure (Rice) Farmers Indemnity
- 19. Non-life Insurance Premiums USD Billion Source: World Bank, 2010
- 26. Existence of operational development strategy: Quality of country’s public financial management systems: Quality of country’s public procurement systems: n=54; Source: Survey on monitoring Paris Declaration, 2008 Why Bother Governance? Past Experience: ODA
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- 02/22/12 WCCF: world climate change funds CAF: Convention adaptation funds
- 02/22/12 Existing financial sources: GEF: USD 270 million LDC Fund: Special Climate Change Fund (SCCF): GEF Trust Fund: UNFCCC-KP Adaptation Funds: USD 80-300 m per year during 2008-12. Funds from 2% share of proceeds of CDM. Managed through AF Board consisting of 16 members out of which only 4 are from Annex I countries. GEF to provide secretarial services and the WB as trustee. Decided in COP 11, and subsequently in 12 and 13. For developing countries, both programmatic and project based, eligibility criteria is to be decided by AFB. Would generate. Bi- & multi-lateral donor agencies: USD 180 m ADB Climate Change Fund: USD 40 million The UK government to Bangladesh: USD 136 million ADB Canadian Cooperation Fund on Climate Change: USD 5 million GEF: USD 270 million LDC Fund: NAPA (LDCs)>supported by multi-donor least developed country funds (GEF and multi- and bilateral donors) Special Climate Change Fund (SCCF): for all non-annex I countries. Includes adaptation and mitigation GEF Trust Fund UNFCCC-KP Adaptation Funds: USD 80-300 m per year during 2008-12. Funds from 2% share of proceeds of CDM. Managed through AF Board consisting of 16 members out of which only 4 are from Annex I countries. GEF to provide secretarial services and the WB as trustee. Decided in COP 11, and subsequently in 12 and 13. For developing countries, both programmatic and project based, eligibility criteria is to be decided by AFB. Would generate. Bi- & multi-lateral donor agencies: USD 180 m ADB to establish Climate Change Fund with an initial outlay of USD 40 million to help Asia pacific countries to deal with cause and effects of climate change. The UK government pledged USD 136 million to Bangladesh to adapt to climate change impacts. ADB Canadian Cooperation Fund on Climate Change: USD 5 million since 2001, for Pacific countries for adaptation and India, China and Indonesia mitigation and carbon sequestration, issued in a project mode . Potential with uncertain allocation: WB Climate Investment Funds (CIF): USD 1.5 b , for immediate needs. Announced 1 July 2008. Clean Technology Fund (for clean technologies) Strategic Climate Fund (for climate resilience USD ~1.5 b ). Are grants, concessional loans, and risk mitigation instruments. Disbursed through MDBs. Quick and flexible funds for country led programs (WB, 2008). Linked to outcome of UNFCCC negotiations. DFID Env. Transformation Fund: USD 1.50 b , is linked to WB CIFs. Japan Cool Earth partnership: USD 2.0 b . Adaptation and clean energy in developing countries
- 02/22/12 Existing finances are Insufficient Fragmented Suffer from red tape Most MDBs have high emphasis on infrastructure projects that get affected by climate change Dominated by donor countries/agencies
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- 02/22/12 Paris declaration: Ownership Alignment Harmonization Managing for results Mutual accountability Accra: Predictability Country systems Conditionality Untying
- 02/22/12 There is a need for reforming institutional systems for their Accountability Transparency Independence from national budgetary systems to avoid delays
- 02/22/12 EU: Framework of Action on Adaptation (FAA) Shared challenge and shared solution Elements are not clear USA: Willing to support processes similar to NAPAs New Zealand: Aid Conditionality and Paris Declaration on aid effectiveness France: Differentiate different countries within SIDS (e.g. Singapore) Japan, EU, Australia, USA: see no need for an additional expert group on adaptation in NWP Risk of overlap with other groups such as SBSTA etc Bangladesh: All countries to develop NAPAs More clear elements than EU FAA proposal Centers at international, regional, & national levels EU f inds the utility of such regional centers China: Aid conditionality opposed Climate Change Adaptation Committee Australia finds it creating complex system Regional Adaptation Network Centers Cook Islands and Jamaica: Adaptation coordination body (Jamaica: members from other bodies can participate) Regional centers of excellence and learning institutions
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- 02/22/12 Last bullet: Lessons from CDM could help our understanding on how developing countries can adapt to governing adaptation.
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