Tiempo Climate Newswatch

Thailand has declared a third of its provinces disaster zones with the country affected by the worst flooding in decades. Over the past two months, close to 300 people have died and millions of homes and livelihoods have been damaged. Defences around Bangkok are being strengthened as the run-off approaches the capital. The flooding has been exacerbated by deforestation, overbuilding in catchment areas and interference with natural waterways. "I have tried to inform them many times, but they tell me I am a crazy man," said Smith Dharmasaroja, former director general of the Thai Meteorological Department. Cambodia and Vietnam have also been affected by unusually heavy monsoonal rains.

"The past two weeks of floods and rains have cost Association of Southeast Asian Nations (ASEAN) nations hundreds of lives and billions of dollars. This is the reality of climate change - and it is a reminder that the success of the United Nations climate talks are a matter of survival for the people of Southeast Asia," commented Zelda Soriano, Greenpeace Southeast Asia political consultant. Greenpeace, Oxfam and WWF have partnered to form the coalition ASEAN for a Fair, Ambitious and Binding Global Climate Deal (A-FAB) in order to pressure the regional organization to "take a higher ground" in the climate negotiations. "Climate finance and legally binding commitments are important to ASEAN countries," said Shalimar Vitan of Oxfam East Asia, adding "ASEAN should also put the weight of its collective voice behind the demands of its peoples struggling with climate change."

The World Bank is proposing that fossil fuel subsidies in the industrialized nations be axed and the money saved used to help poorer countries tackle climate change. A paper presented to G20 finance ministers expresses concern that public finance will not be available from the industrialized world to cover the fast-start finance and US$100bn a year from 2020 onwards pledged to developing nations. The financial flows required will be largely private in composition and the removal of subsidies on fossil fuel represents a "starting point."

"New OECD estimates indicate that reported fossil fuel production and consumption supports in Annex II countries amounted to about $40-$60bn per year in 2005-2010... if reforms resulted in 20 per cent of the current level of support being redirected to public climate finance, this could yield $10bn per year," the paper states. It notes that "reform of fossil fuel subsidies in developed countries is a promising near-term option because of its potential to improve economic efficiency and raise revenue in addition to environmental benefits." The report was discussed at the G20 Finance Ministers’ and Central Bank Governors’ meeting on Development, Climate and Innovative Financing in Paris on October 15th.

Christiana Figueres, executive secretary of the United Nations Framework Convention on Climate Change, has challenged business leaders to step up their low carbon investments. She was speaking at the Confederation of British Industry's International Green Business Dinner in London.

"I fully understand that you could be more aggressive in your capital allocations if you had a stronger market signal from the policy providers," Figueres said. "But today I stand before you with a clear request: help us break that vicious cycle. Help us convert it into a virtuous cycle that can power new growth, create jobs in new sectors, help alleviate poverty and stabilize the climate." She anticipated that the Green Climate Fund, the Technology Mechanism and the Adaptation Committee would be approved at the forthcoming climate summit in Durban, offering new markets and opportunities.