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Ban establishes advisory group on climate change financing

UN chief Ban Ki-moon launched a new high-level panel on climate change to mobilise the funding for "vulnerable" countries as pledged at the recent Copenhagen summit on Friday.

world Updated: Feb 12, 2010 23:57 IST

UN chief Ban Ki-moon launched a new high-level panel on climate change to mobilise the funding for "vulnerable" countries as pledged at the recent Copenhagen summit on Friday.

The 'Advisory Group on Climate Change Financing', co-chaired by British Prime Minister, Gordon Brown and his Ethiopian counterpart, Meles Zenawi, will "look at how to jump-start the mobilisation of new and innovative resources to reach USD 100 billion annually by 2020.

Funding would include both public and private sources," Ban told reporters at UN Headquarters in New York adding that the panel will present its recommendations by end of the year.

Other members of the group, that is evenly balanced between developed and developing countries, will consist of Heads of States and Government, high-level officials from Ministries and Central Banks.

Besides, experts on public finance, development and related issues will also serve in their personal capacities.

"These resources would support adaptation, mitigation, technology development and transfer, and capacity building in developing countries, with priority for the most vulnerable countries," Ban said.

"I expect the Advisory Group to prepare early outputs by the May or June meetings of the UN Framework Convention on Climate Change (UNFCCC).

Final recommendations would be issued before the next Conference of the Parties in Mexico in December," he noted.