United Nations Secretary-General Ban Ki-Moon has just released the final report of his High-Level Advisory Group on Climate Change Financing (AGF). As the two private-sector members of the AGF, we are proud of our work. The report lays out the available options for mobilizing $100 billion annually for climate-change mitigation and adaptation in developing countries, and establishes the conditions that would make it possible to achieve this goal by 2020.
One essential condition is setting a robust carbon price of $25 per ton of CO2 in order to unleash the large private-sector investments that are necessary to finance the transition to a low-carbon economy. We are concerned, however, that the political will for carbon pricing is lacking.
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