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Developing countries
Outreach to developing countries and emerging economies
The regional prioritisation of the Climate Change Working Group on developing countries and emerging economies is based on the following reasons:
- The relevance of developing countries and emerging economies in the area of climate change, both in terms of climate change adaptation as well as mitigation, given that: i) most of the future growth in global greenhouse gas emissions is forecasted to take place in these geographies; ii) developing countries and emerging economies are expected to be hit hardest by the physical effects of climate change, for reasons of geographic location and as a result of the general lack of resources needed for adaptation.
- The focus put on the role, potentials and needs of developing countries and emerging markets in the current UNFCCC negotiations given the overarching principle of ‘common but differentiated responsibilities’. Industrialised countries are historically responsible for current anthropogenic climate change; at the same time, there is a need for determined climate change action also by developing countries, particularly emerging economies. if the climate change challenge is to be effectively addressed. This constellation requires careful policy calibration by the international community and coordinated input by the private sector, including institutional investors and the financial services sector.
- The awareness among financial institutions in developing countries of the risks and opportunities of climate change, as well as the level of implementation of climate change related policies, products and processes appear to lag behind those of peers from industrialised countries. UNEP Finance Initiative, with its vast network of pioneering financial institutions in Latin America and the Caribbean, Africa, Asia Pacific and Central and Eastern Europe, is well positioned to improve the sector’s response to climate change throughout these geographies.
The current regional activities of UNEP FI on climate change encompass:
- The promotion of the project-based flexible mechanisms of the Kyoto Protocol, particularly the Clean Development Mechanism (CDM), and international carbon markets, as areas of financial opportunity with a triple bottom line. UNEP FI activities include country-level stakeholder fora, dedicated training as well as assessment studies.
- Exploration and analysis of alternatives in the area of public support mechanisms for commercial low-carbon investments in developing countries beyond carbon markets; the formulation and communication of resulting policy recommendations at the domestic and international level.
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