EnergyWatch

COP22 will be about money

Today, Monday, the UN begins its annual climate summit COP22. Last year's summit in Paris was about reaching agreement on ambitions, and the goal this year is to be as concrete as possible and determine the necessary means.

Photo: Francois Mori/POLFOTO/AP/news

The expression "show me the money" is best known from the 1996 Tom Cruise romantic comedy, "Jerry Maguire." But it's likely to be used frequently at this year's climate summit in Marrakech, Morocco, where COP22 starts today, Monday. Not because delegates are huge Tom Cruise fans, but because one of the defining themes for the conference will be the financing of climate measures in developing nations. This includes measures to reduce global CO2 emissions as well as the funding of adaptations to climate change, also for developing nations.

At the climate summit in Paris last December, it was decided that the industrialized countries would present a plan this year for how to reach USD 100 billion in climate funding for developing nations by 2020. This plan was presented at a pre-COP meeting on October 17. There it emerged that climate funding from developed countries would amount to USD 67 billion in 2020. Add to this, further funding from the private sector which conservatively estimated would bring the financing for developing countries up to USD 93 billion.

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