Adam Tooze in The Guardian:
When it comes to climate finance, the gap between what is needed and what is on the table is dizzying. The talk at the conference was all about the annual $100bn (£75bn) that rich countries had promised to poorer nations back in 2009. The rich countries have now apologised for falling short. The new resolution is to make up the difference by 2022 and then negotiate a new framework. It is symbolically important and of some practical help. But, as everyone knows, it falls laughably short of what is necessary. John Kerry, America’s chief negotiator, said so himself in a speech to the CBI. It isn’t billions we need, it is trillions. Somewhere between $2.6tn and $4.6tn every year in funding for low-income countries to mitigate and adapt to the crisis. Those are figures, Kerry went on to say, no government in the world is going to match. Not America. Not China.
We should take the hint. There isn’t going to be a big green Marshall plan. Nor are Europe or Japan going to come up with trillions in government money either. The solution, if there is to be one, is not going to come from rich governments shouldering the global burden on national balance sheets.
So, how does Kerry propose to close the gap? As far as he is concerned, the solution is private business.