Friday, December 13, 2019

October / 2019

Ulstein plans ‘substantial scale up’ in climate adaptation financing

 
Norway is the OECD’s least generous donor in helping poor countries adapt to climate change, spending the lion’s share of its climate aid on mitigation. Now Development Minister Dag Inge Ulstein wants to address this imbalance by makingadaptation a “key pillar” of Norwegian aid.
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Narrow donor base raises doubts about Green Climate Fund’s global role

 
EDITORIAL. Conceived at the 2009 climate summit in Copenhagen and launched five years later, the Green Climate Fund has struggled to establish itself as a major channel for climate financing for developing countries. The fund bled billions of dollars during its first period, and the USD 9.8 billion secured at the GCF’s replenishment conference one week ago is a drop in the ocean compared to at least USD 1.6 billion a year that is needed to limit warming to 1.5 degrees C.
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Foreign Minister tightens grip on aid, leaving little room for Ulstein to make his mark

 
Norway steps up aid to the Sahel region in the aid budget for 2020 and, in an innovative move, provides a NOK 3.1 billion short term loan for Somalia to clear its defaulted World Bank debt. Though the budget includes NOK 1.4 billion in fresh funds, much of this increase is dedicated to issues like migration and security that are outside the new Development Minister Dag-Inge Ulstein’s portfolio, leaving little left over for him to make his mark.
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Global Fund reaches USD 14 billion target. Norway provides last-minute 1% increase

 
President Macron, Bill Gates and Bono celebrated a successful replenishment of the Global Fund in Lyon Thursday with most donors, including Sweden and Denmark, increasing their contributions by around 15 per cent and a final result that was just shy of the USD 14 billion target. Norway did not follow the pack but made a last-minute increase in its pledge in response to “encouragement” from Macron.
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Norway rewards Guyana, despite increased deforestation driven by gold mining

 
The Norwegian Climate Ministry has based its final forest payment to Guyana on a Rube Goldberg-type formula – one that uses an excessively complex and impractical method to reach a simple, predetermined answer. Referring to this calculation, Norway is disbursing all its remaining funds, despite high deforestation rates in Guyana driven by gold mining.
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Green Climate Fund replenishment ends just shy of USD 10 billion

 
Six donors, including Sweden and Norway, have provided the lion’s share of nearly USD 9.8 billion raised by the Green Climate Fund, which finances climate projects in developing countries. This is about the same amount that was mobilised when the fund was launched five years ago.
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New government plans to expand Finland’s loan scheme by another half billion euros

 
Finland’s former government launched a EUR 520 million development scheme for loans and investments in 2015. The last of this money was committed as a loan to the aid-financed investor Finnfund in early October. The new centre-left government in Helsinki pledges to continue the scheme.
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