Actions taken to reduce greenhouse gas emissions. Mitigation tends to cover ‘clean’ energy (including, but not restricted to renewables), energy efficiency and fuel switching, forestry and land use, urban transport and carbon sequestration projects, as well as technical assistance and capacity building to address climate change.
Most climate finance goes towards mitigation, with clean energy taking the largest slice of this money. Critics claim that an overly broad definition of ‘clean’ energy is often used, however, with the term extended to include gas or even coal-fired power plants (on the grounds that they are a little less dirty than existing plants), locking-in unsustainable levels of future greenhouse gas emissions.
According to Climate Funds Update (CFU), $2.97 billion was been approved for mitigation projects through dedicated climate funds between 2004 and 2011, although only $1.17 billion of this money had been disbursed by the end of 2011.
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Tags: Climate finance