STATEMENT ATTRIBUTABLE TO THE SPOKESPERSON FOR THE SECRETARY-GENERAL ON THE LAUNCH OF A NEW ADVISORY GROUP TO MOBILIZE CLIMATE CHANGE FINANCE

The Secretary-General today announced the establishment of a new high-level Advisory Group on Climate Change Financing to mobilize the financing promised for climate change during the UN Climate Change Conference in Copenhagen last December.

The new Group, which will be co-chaired by Prime Minister Meles Zenawi of Ethiopia and Prime Minister Gordon Brown, UK, will include Heads of States and Government, high-level officials from Ministries and Central Banks, as well as experts on public finance, development and related issues. With a balance in representation between developing and developed countries, the Group members will be appointed for 10 months and are expected to produce a final report containing recommendations before the next Conference of the Parties to the UNFCCC in Mexico this December. A full list of the members will be made public shortly.

As part of its work, the Group would develop practical proposals on how to significantly scale-up long-term financing for mitigation and adaptation strategies in developing countries from various public as well as private sources. While some of the existing mechanisms can be scaled up, the Group would in particular focus on the need for new and innovative long-term sources of finance, in order to fill the gap in international climate financing.

The Group would be guided by an overall framework for new financing mechanisms, studying how new financing is raised, and on how new resources are being delivered. The Group would provide views and suggestions that are based on the best possible analysis, which are politically and technically feasible.