Co-Chair Opening Statement, Financing Thematic Plenary at The High Level Event on Climate Change

Check against delivery!    

Your Excellencies,

Distinguished representatives,

 

It is a great privilege for me to open this Plenary. 

We know beyond doubt that in order to prevent the most devastating consequences we must stabilize global warming within two degrees Celsius of pre-industrial levels.  This means that by 2050 we must return to a level of emissions half that of 1990. 

The Stern review emphasized that the world does not need to choose between averting climate change and promoting growth and development. Not acting on climate change will, in the longer term, be a lot more costly to the global economy than acting on it now.

Already, we have reached a stage where significant impacts on our planet cannot be avoided.  These impacts will be most harshly felt by those who have contributed the least to the problem. No less urgent, therefore, is the need to finance adaptation. 

Today we focus on how to generate and direct the necessary financial flows.

We will discuss different means of transfer of resources from the richer countries to emerging economies and developing countries. 

Bilateral and multilateral development assistance will play an important role, and new and additional resources must be mobilized.

In addition we need to develop new and innovative financial mechanisms. The Adaptation Fund is one promising channel.

Norway will increase our climate change related development assistance substantially in the years to come, out of a development assistance budget which is already close to 1 per cent of our GDP.

However, Government allocations will not be enough to solve the problem.

The key lies in harnessing international market mechanisms and make them work for mitigation and adaptation.  

Putting a price on carbon will induce countries, business and individuals to invest in low-carbon assets.

We should discuss how we can expand the carbon market and  establish a global carbon price.  The first steps were taken in Kyoto, where we established the Clean Development Mechanism and the Joint implementation schemes. Now we may consider how to develop these mechanisms further. This should be a key element in the forthcoming negotiations.

The climate convention is based on the principle of “common but differentiated responsibilities.” The industrialized countries must take the greatest responsibility for reducing global emissions.

We need to develop a framework that both ensures that global emissions are reduced cost efficiently, and at the same time provide development countries with new and stronger incentives for participating in the new agreement.

Developing economies have a right to develop and must continue to grow their economies, and they should be given strong incentives and high rewards for growing in a more climate friendly manner.

We have a limited window of opportunity: Large energy investments coming on stream in the next few years will lock in technology for decades. We need these investments to shift onto a low-carbon path.

I will hand over the floor to the Secretary-General’s Special Envoy on Climate Change, Dr Han, to address our theme.  I will then open the floor to our debate.  In the afternoon we will also hear from two distinguished representatives of civil society, and the whole Plenary will be broadcast via the event website.  It only remains for me to remind you of the five minute time frame for your interventions

And now I have the privilege of giving the floor to the Special Envoy, Mr. Han, please, the floor is yours.