Climate Finance

The G20 uses the term “Green Finance” as a broad umbrella term that refers to the major shift in financial flows required to support projects that benefit the environment and society by reducing pollution or tackling climate change.

Loss and damage is when climate change goes beyond what it is possible to adapt to such as typhoons or frequent droughts. The Paris Agreement made progress on those issues. COP22 in Marrakesh should now clarify the question of loss and damage finance.

The Carbon Levy Project is working to introduce a global fossil fuel extraction levy to ensure that the people facing the worst impacts of climate change are compensated by those that caused the problem. In Paris, the Carbon Levy Declaration has been signed by many supporters from around the world, among them Barbara Unmüßig.

Globally, political leaders are lauding the acceptance of the global and legally binding Paris Agreement on Climate Change at COP21 as a historical moment. It achieves a goal long believed unattainable. However, judged against the enormity of the challenge and the needs and pressure from people on the ground demanding a global deal anchored in climate justice, the Paris Agreement can only be called a disappointment.