In Cancun, Mexico, at the end of 2010, governments agreed to establish the Green Climate Fund as a central tool to finance climate change action, both adaptation and mitigation, in developing countries. The Green Climate Fund is to support projects, programmes and policies in developing countries.
"The Transitional Committee of the Fund is now fully on track to conclude the design of the Fund for the approval by UNFCCC's Conference of the Parties in Durban," UNFCCC Executive Secretary Christiana Figueres said at the concluding meeting of the committee in Geneva, Switzerland yesterday.
She said there is ambition on the part of governments to create a fund that will reach a scale that is sufficient to put the economic development of their countries onto a low-carbon and climate-resilient path. “Governments also want the Fund to be country-driven and integrated into national development planning processes. And they are keen for Green Climate Fund resources to be long-term to allow for the economic transformation necessary to address climate change."
The Geneva meeting was preceded by a workshop on the role of the Green Climate Fund in fostering transformational change, engaging civil society and leveraging the private sector, attended by representatives of banks, financial institutions and industry and civil society organizations from both developed and developing countries.
"The workshop and the interaction with private sector representatives has helped to raise the level of understanding of the needs of all stakeholders. This is critical because with this new level of understanding, targeted systems can be put in place to engage the private sector, which in turn is very important to enable the Green Climate Fund to have truly transformational impacts," Ms. Figueres said. Read the full report here.
Source:Â Â by Kevin Wafula, Africa Science News.
