Finance

Heading into Marrakech, developed countries released a roadmap outlining how they foresee meeting the goal of mobilizing $100 billion a year in public and private finance for developing countries by 2020. In Marrakech, the UNF-CCC’s Standing Committee on Finance released its second biennial assessment, showing that total global climate finance increased 15 percent in 2013-14, reaching a high-bound estimate of $741 billion in 2014.

Countries and others announced a variety of new financial pledges, including:

$23 million for the Climate Technology Centre and Network (CTCN), which provides technical assistance and capacity building for developing countries.

More than $50 million for the Capacity-building Initiative for Transparency established in Paris to help developing countries build the capacity to meet new transparency requirements; and

A doubling of World Bank climate finance for the Middle East-North Africa region to $1.5 billion by 2020.