Both ENDS
During the UNFCCC Climate Change Conference next week in Bonn, Both ENDS,Transparency International, Human Rights Watch and Carbon Market Watch will host the side event “Environmental and social accountability for results based finance - Lessons learned and ways forward’’. This event will discuss how lessons from International Financial Institutions can inform the design and operation of appropriate redress mechanisms for the Green Climate Fund and other private and public climate finance flows.
What opportunities will the Green Climate Fund (GCF) offer countries like Indonesia and Ghana? What decisions must be made now so that the money from the fund will reach the places it was intended for in the future? Since the UN decided to set up the Green Climate Fund in 2011, Both ENDS and several other NGOs from developing countries have been aiming to influence the way the fund is organized. This week, the ninth board meeting of the GCF will be held in Songdo, South Korea. Just like at earlier board meetings, Both ENDS is represented, this time in the person of Leonie Wezendonk. Along with Titi Soentoro from the Indonesian advocacyorganisation Aksi! and Ken Kinney of the Development Institute in Ghana, she traveled to
After nearly two years of discussions, the Organisation of Economic Cooperation and Development (OECD) member countries have reached an agreement on reducing their support to some coal plants through their export credit agencies (ECAs). The agreement comes a day after the G20 has reiterated its willingness to reduce inefficient fossil fuel subsidies and only 12 days before the start of COP21, the climate change conference. The agreement, which takes effect in 2017, still allows the most efficient “ultra-supercritical” plants, and less efficient plants in the very poorest countries.
Global public support for coal is decreasing. Obama has pledged to stop American support for public financing of new coal plants outside the U.S., the World Bank has announced to phase out support for coal projects and some large private banks are withdrawing from fossil fuels. But what about export credit agencies (ECAs)? Until now, ECAs have not withdrawn from coal projects. On the contrary: while other investors gradually cease their support to coal projects, export credit agencies are investing in coal more than ever. On June 11, an alliance of 50 NGOs, including Both ENDS, published a recommendation to the OECD calling for an end to export credit support for coal.
