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Financing Climate Action in Eastern Europe, the Caucasus and Central Asia

image of Financing Climate Action in Eastern Europe, the Caucasus and Central Asia

This report aims to shed light on how EECCA countries and development co-operation partners are working together to finance climate actions, using the OECD DAC database to examine finance flows by provider, sector, financial instrument, channel, etc. A significant amount was committed by international public sources to the 11 countries comprising the EECCA in 2013 and 2014 (i.e. USD 3.3 billion per year), but the scale of such finance varies considerably from country to country and is insufficient to achieve and strengthen their climate targets communicated through the Intended Nationally Determined Contributions COP21.

In addition, while a range of climate-related policies have already been developed by the EECCA countries, the extent to which such policies are being effectively implemented and conducive to attracting climate finance is still unclear. In this respect, this report proposes a set of questions for the EECCA countries to self-assess their readiness to seize opportunities to access scaled-up climate finance from various sources: public, private, international and domestic.

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Reader's guide

Analysis in this report draws on multiple information sources. Data on development finance flows were obtained from the OECD Creditor Reporting System (CRS) Aid Activities Database, which is maintained by the OECD Development Assistance Committee (DAC). Information on climate targets and policies was retrieved from publicly available national policy documents, which directly and indirectly relate to climate actions (i.e. climate change mitigation and adaptation). The data sources also include a number of project-level documents prepared by bilateral and multilateral providers of finance. These include members of the OECD DAC, multilateral development banks (MDBs) and international climate funds, as well as some South-South co-operation and non-DAC member contributions.

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