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COP 16

The long and winding road to the Green Climate Fund

Athena Ballesteros's picture

Photo courtesy: IISD

 

The UN Climate Talks in December 2010 concluded with a set of decisions known as the Cancun Agreements, which included the establishment of the Green Climate Fund (GCF). Having been involved in many of the negotiating sessions, I know that this fund is seen by many, particularly developing countries as an opportunity to create a ‘legitimate’ institution for delivering scaled-up finance to address climate change. However, there remains significant skepticism on whether or not this Fund could deliver adequate and predictable resources in a timely manner. Much work has yet to be done before the Green Climate Fund could become a reality.

 

Getting organized

In Cancun, the COP decided to set up a Transitional Committee (TransComm) and entrusted it with the task of developing the operational documents for the GCF and making recommendations to the COP in Durban. The Transitional Committee will include representatives from 25 developing countries and 15 developed countries. Some countries have announced their nominations, while others are still in the process of finalizing. The delay comes as no surprise of course. Nominations within regional groups remain a highly contentious and political issue. With limited seats countries are grappling to ensure they have a voice in the body that will design the Fund. I’ve heard the mix of skills and expertise on finance, climate and, development represented in the individuals nominated and they vary from country to country.

Cancun’s Christmas Present

Andrew Steer's picture

As Christmas tourists replace COP delegates in the Moon Palace, post-mortems abound. From the World Bank’s standpoint the important question is: what did this really do for the prospects of long term poverty reduction in developing countries?  The answer: potentially, a lot. Earlier this week, this subject was discussed at the Board of the World Bank.

 

Photo: Flags in front of Moon Palace

 

 

Going into Cancun we suggested some stretch-targets that would mark a strong outcome for Cancun for developing countries. Some of these were over-achieved (eg Carbon Markets), some under-achieved (eg agriculture)–but, overall , expectations were more than met.