DOHA, QATAR - Massive investment is required to develop and deploy climate-friendly technology if global warming is to be halted and developing countries prepared to cope with the adverse consequences of climate change, delegates heard today at the annual global conference on climate change.
"An estimated $600 billion to $1.5 trillion will be needed annually to help developing countries transition to low-carbon and climate-resilient economies, with $40 billion annually needed for adaptation alone in Asia and the Pacific. But we are not mobilizing sufficient resources to promote the development and deployment of critically needed climate-friendly technologies," said Bindu Lohani, Asian Development Bank (ADB) Vice-President for Knowledge Management and Sustainable Development, at the 18th UNFCCC Conference of the Parties (COP-18) in Doha.
While ADB and other multilateral development banks have led the way in backing investment in existing technologies, they are not making sufficient contributions to advancing newer ones. Targeted finance is needed both at the innovation and deployment stages to encourage this shift. This can only be achieved by encouraging additional private sector investment through well placed public financing mechanisms, as well as overcoming policy, institutional, information and risk barriers to investment.
The recent establishment at ADB of the Pilot Asia-Pacific Climate Technology Finance Center (CTFC) is a step in this direction. The CTFC, which is part of a wider partnership among ADB, the Global Environment Facility and the United Nations Environment Programme, works closely with investors, technology suppliers and other partners from across the region and around the world.
If the Center concept is proven to be viable and productive, it could evolve into a permanent knowledge facility that mobilizes finance while encouraging the development and deployment of climate-friendly technologies in Asia and the Pacific.
New climate-resilient and low-carbon technologies are needed to help developing countries avoid the unsustainable carbon-intensive path followed in the past by mature economies. In addition, these countries must also build resilience to the adverse impacts of climate change.