18-19 October 2009 – London, United Kingdom
Chair's Summary: Fifth Meeting of the Leaders' Representatives of the Major Economies Forum on Energy and Climate
The fifth meeting at the Leaders’ representative level of the Major Economies Forum on Energy and Climate met in London, United Kingdom, October 18-19, 2009. It was attended by officials from seventeen major economies, as well as the United Nations and Denmark, with ministerial observers from Lesotho and the Maldives participating in the session, and additional observers from Bangladesh, Costa Rica, Ethiopia, and Norway.
To contribute to success at the Copenhagen Climate Conference, countries focused on finding convergence among their views on finance, technology, mitigation pathways, how to reflect mitigation commitments and actions, and means to improve transparency and accountability.
On finance, there was substantial agreement:
- that significantly scaled up financing will be important;
- on the need for substantial public finance in addition to the private sector and carbon market;
- that public finance should take advantage of various financial tools to leverage significant investment that would not otherwise occur;
- that there are opportunities for the private sector to invest in least developed countries;
- that consideration should be given to a new fund and better use of existing mechanisms, possibly with multiple windows to support adaptation and mitigation, including technology and capacity building, governed in a balanced and equitable manner under the guidance and accountable to the Convention’s Conference of the Parties (noting the distinction between political and operational issues), and designed to improve access to financing while respecting fiduciary standards; that existing delivery mechanisms should be reformed to be more effective and efficient;
- that increased predictability in the provision of finance was desirable;
- that funding should be in accordance with national priorities and consideration given to further use of programmatic approaches;
- that there should be further discussion on the level of finance;
- that G20 finance ministers should advance these discussions at their St. Andrews meeting in November.
We discussed the potential role of carbon markets to deliver private sector investment in developing countries, in addition to public finance. These flows could deliver significant benefits to developing countries in terms of both on the ground investment and environmental and energy security co-benefits.
Lord Stern (via video) and Nobuo Tanaka, Executive Secretary of the International Energy Agency, presented on pathways to stabilize concentrations at 450 ppm or limit temperature increase to 2 degrees C. Both emphasized that: all countries are undertaking significant actions; that these long-term goals are achievable; and that while the gap between current efforts and necessary reductions is narrowing, more needs to be done. On mitigation architecture, the discussion focused on two distinct issues: how to "internationalize" mitigation targets/actions ex ante in some kind of listing; and how to report on and review their implementation in a transparent manner.