imidity has never been a hallmark ofgovernment declarations on climatechange. But while governments mayexpress lofty ambitions, many remain shyabout making commitments. This becomes obviouswhen looking at the commitments for emissionreductions in the Copenhagen Accord but it is also true for another essential component of a global climate agreement: finance. THE US$100 BILLION CHALLENGEIndustrialised countries committed in Copenhagen in2009 to generating US$100 billion annually by 2020for financing climate action in developing countries,both on mitigation and adaptation. For this commitment to help meeting the climatechallenge it needs to be predominantly public finance, which can be used to leverage much greateramounts of private finance for a massive shift ofinvestments into low-carbon technologies andinfrastructure. Undoubtedly, US$100 billion per year is a tall sum if itall has to come from cash-strapped governments stillreeling from the financial crisis. Fortunately, government budgets are not the onlysource of public finance. In 2010, UN Secretary-General Ban Ki-Moon charged the High-Level AdvisoryGroup on Climate Finance (AGF) to investigate wherethis funding could come from. Their report confirmed that innovative sources ofpublic finance exist, and there is an opportunity now tomove forward with implementing some of them.HOW CAN INNOVATIVE SOURCES FORCLIMATE FINANCE WORK?Innovative sources can be defined as financialinstruments that generate public finance directly,outside government budgets, for international publicgoods - e.g. for climate action. This means that any levy, tax or other revenue would becommitted to specific climate action, and bechannelled through an international body, i.e. theUNFCCC. The sources considered by the AGF included measuresto address international transport, FinancialTransaction Taxes (FTTs), international auctioning ofemissions allowances, and Special Drawing Rightsissued by the IMF.THE TIME FOR CLIMATE FINANCE IS NOW068MOBILISING FINANCESAMANTHA SMITH, LEADER, WWF GLOBAL CLIMATE AND ENERGY INITIATIVE TIllustration: © www.BiggerPicture.dk / Stine Arensbach / WWF" "THE PIECES APPEAR TO BEFALLING INTOPLACE FOR A SOLUTION THAT RESPECTS THEPRINCIPLES ANDPRACTICES OF THE VARIOUS CONVENTIONS,AND ADDRESSESTHE CONCERNS OF DEVELOPEDAND DEVELOPINGCOUNTRIES

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BUNKER FUELS AS ONEPOSSIBLE SOURCE OFFINANCEInternational shipping andaviation are major and fast-growing greenhouse gas emitters.In 2007, they emitted over 1GtCO2, and for 2020 this amount may almost double.Greenhouse gases from these sectors have to datebeen entirely unregulated and the fuels they useduntaxed, unlike fuels and emissions from domesticmodes of transport. Action on bunker fuels is also clearly mandatedthrough the Bali Action Plan under the UNFCCC, aswell as through Article 4 of the UNFCCC and Article2.2 of the Kyoto Protocol. FOR EXAMPLE: A SYSTEM FORMARITIME TRANSPORTAccording to the AGF, a levy or tax on bunker fuels(and/or a levy on transported people or goods) can raisefinance for climate action in developing countries. TheAGF estimates that up to US$18 billion could beraised through the shipping sector alone. Impacts onthe cost of goods shipped will be marginal - estimatesare around 0.2 per cent on average. Since ships canchange owners, operators and flags easily, the IMOinsists that ships of all flags should be treated equally. Thus to protect the economies of poorer countries(where small price increases could cause greaterhardship) the AGF discussed a system of rebates fordeveloping countries in accordance to their share ofthe global shipping, to ensure that there is "no netincidence" or cost burden on developing countriesresulting from a global carbon pricing system. DECISION NEEDED NOWThe UN climate conference in Cancun last year set outthe blueprint for effective institutions for globalclimate finance. These institutions need reliable andsufficient sources of funding. The current pledges forfast-start finance expire end of 2012, so the questionof where finance will come afterthat needs to be urgentlyaddressed. IMO and ICAO are thetechnical bodies that will likelyimplement any measures toaddress emissions from themaritime transport and aviationsectors in practice. However, theyneed further guidance from theUNFCCC on how to proceed intackling greenhouse gasemissions. The upcoming climatenegotiating session in Durban,South Africa this December is thebest opportunity for the globalcommunity to resolve the keyoutstanding issues and makedecisions on how to move forwardwith addressing emissions frominternational aviation andshipping, and dealing with the financing generated.The pieces appear to be falling into place for a solutionthat respects the principles and practices of thevarious conventions, and addresses the concerns ofdeveloped and developing countries. Critical politicalbacking should come from this year's G20 Summit; itwill be essential that the French Presidency continuesto make the case for action on Climate Finance, asFrench President Nicholas Sarkozy has alreadypromised. While the G20, with its limitedmembership, cannot make decisions on behalf of allcountries, it can serve as a forum for resolving some ofthe thorny political issues between many of the largestand most influential countries, and send usefulpolitical signals about the measures they are willing tosupport. Progress in addressing the rapidly growing emissionsfrom these inherently global sectors would be amilestone in the battle against climate change, and ingenerating the financing needed to support action,especially in the poorest countries and those mostvulnerable to climatic disruptions. It is a uniqueopportunity for our leaders and internationalinstitutions to show that they can be bold andambitious in both word and deed. nABOUT THE AUTHORSamantha Smith leads WWF's Global Climate andEnergy Initiative, working for a low-carbon, safe andsustainable future for all. Previously, Ms Smith heldsenior roles in the New Energy division of Statoil, wasdirector of WWF's International Arctic Programme,and worked as a corporate litigation attorney in theUSA. For more information on WWF's work on climatefinance, please go to www.panda.org/climate_financeMOBILISING FINANCE069