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Loading...Cancun Climate Talks Produce a Green Climate Fund For Developing Countries
Developed countries agreed last year in Copenhagen to provide $100 billion annually by 2020 to developing countries to mitigate to climate change. During climate talks in Cancun on December 12, delegates from developed countries agreed to set up a Green Climate Fund. The Fund will be governed by a board of 25 people, with half of the board coming from developed countries and the other half from developing countries.
The U.N. will manage the Fund, and not the World Bank. However, the World Bank will be the interim trustee of the Fund for the first three years after its launch, when it will then be subject to a review.
Business Green reports that many developing countries had opposed proposals for the World Bank to operate the Green Climate Fund. Christian Aid’s Mohamed Adow expressed doubts about the World Bank’s role in the Fund. “We’re also very troubled about the role the World Bank will play in the fund, because it has a poor record of protecting people and the environment,” Adow said.
The agreement in Cancun to establish the Fund did not detail how the funding will be raised, only that developed countries continued to agree to provide $100 billion a year.
“The proposed Green Climate Fund is good news, but it is designed to distribute the funds not raise them,” observed Richard Gledhill, head of climate change and carbon markets at PwC. “More work is needed on potential new sources of funds and the role of the private sector in meeting the goal of raising $100bn per annum by 2020 to support climate action.”
A joint report by the Alliance for Climate Protection and the Center for American Progress released last month stated that a variety of sources are needed to meet the investment goals. The report listed the following as possible sources for the funding:
- Public financing: $15 billion in 2013, increasing to $25 billion in 2015
- Carbon markets: $5 billion to $10 billion in 2013, increasing to $10–$20 billion in 2015, primarily from nations with existing cap-and-trade systems
- Development bank lending: $10 billion to $15 billion in 2013, increasing to $15 billion to $20 billion in 2015
- Private financing: $40 billion to $120 billion in 2013, increasing to $60 billion to $160 billion in 2015
A report by the UN Secretary General’s High Level Advisory Group on Climate Financing released a few months ago recommended that half of the funding come from private sources.
Read more: developing countries, global warming, green climate fund
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Recent Comments from Causes
Is SCOTUS listening? Their egos and self important attitudes keep getting in teh way.
Colin Powell is one of the very few Republicans left with class!
This is really sad.
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+ add your ownGreat now all we need is to make sure it gets spent wisely and not squandered on useless bureaucracy.
sounds good, but i have a question...so for the developing nations who are funding this...will these funds apply to some of the debts with the more developed nations? i would think that it should...and we should figure out how it is done because the same money cannot be used to repay a debt to 5 individual countries.....as for the money being misused...there are ways to ensure this does not happen...one can expect with all the countries involved...they will demand security....
The main source of higher temperatures is the installation of air condition exhausts, parking lots, jet engines at airports close to the measurement equipment increasing measured air temps over the last 20 years. The urban heat effect is not properly accounted for, and no attempt to properly correct.
Its all about the money, shut up and give them money.....
Its funny the Chicken Little sky is falling story didnt finish that way..
Ask yourself, why does AlGore fly around in private jets, have 2 palatial energy wasting houses with indoor swimming pool if he really cared. Hes mad over $200million already.
Louis F, Ices ages are thousand-years cycles, temperature don't rise that fast naturally.
Hard to tell a third world country to be "green" when we are the ones that messed up the world in the first place. Also hard to tell a family to stop cutting forests when they need to do that to survive. We need to make better choices and be an example not tell others what to do because we made wrong choices.
I am amazed that some feel as if we have time to start caring about our planet--we should be caring for it as if it were our most important resource, because it is!
Caring for this planet we live on is crucial, things like population control would help prevent mass suffering in the future and everyone alive now has to learn to live accordingly with respect to nature and managing consumption. We do have an effect on this planet, just like a butterfly. Yes there are changes outside of out control too. We need to be sensitive to change and make adaptations to how we live.
thanks for posting, this found gives hope to the future :)
No matter what we as individuals do or what our governments do, unless we tackles the growing population situation we are all doomed to failure. Nothing can grow exponentially forever and not create a doomsday situation.
All products and services used natural resources and energy, even green ones, and even if we ALL cut back 50%, once the population doubles again in another 50 years or so, we will be right back where we started.
We all need to start talking more about population in the terms of the population going down. If we don't, then a reduced carbon footprint will be forced upon us all due to overpopulation.
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