Financing Global Climate Change Mitigation

image of Financing Global Climate Change Mitigation
This publication addresses the massive investments that will be required in addition to the mobilization of substantial new financial resources that will be needed in order to continue the fight on global climate change. The first part (chapters 1 through 4) provides a review of the existing mechanisms that channel funds to energy efficiency and renewable energy (EERE) projects and understand the success factors in designing EERE financing mechanisms. Part two (chapters 5 through 9) provides a review of the technical, economic, and regulatory conditions in each region and a summary of main activities undertaken by national governments and international institutions, with a particular regard to the work of the UN regional Commissions.

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The ECLAC region

As a result of the policies pursued by the different countries of the region and the local availability of natural resources, primary energy production in Latin America and the Caribbean has been mainly based on petroleum. Its share as an energy source has, however, fallen steadily since the 1970s and it accounted for 43% of total energy production in 2006 (down from 62% in 1970). On the other hand, in the early 1970s, natural gas accounted for 11% of primary energy production and its share has steadily increased since than, accounting for a quarter of total primary energy supply (TPES) in 2006. It is possible, then, that its share of total production will increase in the near future owing to greater availability and the stronger push by the countries of the Southern Common Market (MERCOSUR) to integrate their gas markets. Hydroelectric power peaked at 11.5% of the total in 2000. Since then, its share of total production has declined to stabilize at about 9%. This decline is due to reforms and the pattern of investments in the electricity industry, which has emphasized building fossil-fuel power plants (thermal, for example). Finally, geothermal and nuclear energy production is still minimal in the region (0.2% and 1% of total energy production, respectively).

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