Gregory Andrews (Assistant Secretary, Finance, Forests and Development Branch, International Division, Australian Government Department of Climate Change and Energy Efficiency) - Presentation at the United Nations Association of Australia (Victorian Division) Climate Finance: Sustainability with Integrity Seminar. The seminar, part of the UNAA (Vic) Sustainability Leadership Series, was held in Melbourne on 29 October 2012, in partnership with National Australia Bank. Building momentum for collective action post-Rio+20, the seminar brought together key players from government, business and civil society to discuss the challenges and opportunities associated with climate finance. In particular, the seminar addressed issues of governance, transparency and accountability for climate finance, key requirements to ensure that climate finance becomes an effective driver of sustainable development. Expert panel discussion focussed on: - The Australian Government perspective on climate finance: current priorities, role, contributions, and commitments; - The global Green Climate Fund (GCF) and Australia's fast-start finance contribution Issues of transparency and accountability for climate finance governance. - Investor perspective on climate finance: challenges and opportunities and the role of the investment community. - Community development perspective on climate finance: achieving sustainable development objectives - Experiences and opportunities for cross-sector collaboration Facilitator: - Rosemary Sainty (Former Head, Secretariat, UN Global Compact Network Australia and Adviser, Corporate Engagement, Transparency International Australia) Guest Speakers: - Gregory Andrews (Assistant Secretary, Finance, Forests and Development Branch, International Division, Australian Government Department of Climate Change and Energy Efficiency) - Graham Tupper (Director, Transparency International Australia) - Nathan Fabian (Chief Executive, Investor Group on Climate Change) - Dr Simon Bradshaw (Climate Change Advocacy Coordinator, Oxfam Australia) For more information on this or other events in the Sustainability Leadership Series please contact: United Nations Association of Australia (Vic) T: (+613) 9670 7878 E: sustainability@unaavictoria.org.au www.unaavictoria.org.au

1. Australia and International Climate Finance
Gregory Andrews
Assistant Secretary, Finance, Forests and Development Branch
International Division
Department of Climate Change and Energy Efficiency
29 October 2012

2. Committed to international climate finance
• Climate Finance: essential for progress on climate
change
• Australia’s actions to date
• Support for ongoing climate finance
• Importance of private sector
2

3. It is in Australia’s national interest to limit global
warming to 2°C
Brisbane Airport today (left) and forecasted in 2100 (right). Sea-levels are predicted to rise above 1990
levels by 1.1 m coupled with a high tide and storm surge.
Source: Images of Brisbane airport in 2009 and with simulated inundation from a sea-level rise of 1.1 metres using medium resolution
elevation data (not suitable for decision-making). © CNES 2009 / imagery supplied courtesy of SPOT Imaging Services and Geospatial
Intelligence PTY LTD 3

4. Developing countries are vital to achieving this
goal
Growing emissions profile of the developing world
Source: Garnaut Climate Change Review Update 2011, Paper Three
4

5. Developed countries provide assistance through
finance
Copenhagen (2009)
 Fast-start: US$30bn public funds 2010-2012
 US$100bn pa by 2020
 Meaningful mitigation & transparency
Cancun (2010)
 Confirmed fast-start and long-term goals
Durban (2011)
 Confirmed ongoing support beyond 2012
5

6. Australia has made a strong contribution
Australia’s fast-start finance by sector
• A$599 million from
FY2010/11 to end of
FY2012/13
Low Emissions
Growth
• Grant-based
• Balanced between REDD+
adaptation (52%) and
Adaptation
mitigation (48%)
0% 20% 40% 60%
Source: Australia's Fast-Start Finance Update Report, August 2012 6

7. … with worldwide reach
Source: Australia's Fast-Start Finance Progress Report, November 2011
7

8. Australia believes in transparency
• Progress Report- each COP in
November
• Update Report- end of each
financial year
Progress at 30 June 2012
• A$563 million (94 per cent)
allocated
• A$381.4 million (approx. two
thirds of the package)
disbursed
8

9. Climate finance going forward
Contributing our fair share towards US$100 bn per year by 2020
• Public and private sources
• Meaningful and transparent
mitigation
• No gap
• Durban Platform
• Standing Committee on Climate
Finance
• Green Climate Fund Image: Community- based adaptation project Papua New Guinea
• OECD
9

10. Mobilising private investment flows will be key
• Public finance alone will not meet future funding needs
Image: Community- based adaptation project Papua New Guinea 10

11. Enhanced transparency for mitigation & support
• A robust system for measuring and tracking finance
flows will be needed- including for private flows
• Parties to the UNFCCC agreed in Durban to biennial
reporting guidelines for developed countries on:
– national mitigation efforts (targets and progress); and
– the provision of financial, technological and capacity-
building support to developing countries
• Developing countries- voluntary reporting on mitigation
11

12. The future
• Public-private partnerships
will be important
• The Durban Platform
• Economic and political
realities
• Instruments of influence
for climate finance
• Investment not “donation”
• Opportunity cost of
Image: Roads adaptation project Pacific
inaction
12

13. Thank you and Questions
Image: Community-based mitigation project South Africa 13