At the UNFCCC Conference of the Parties (COP) in Copenhagen in 2009, developed countries promised “fast start" investment of US$30 billion a year over three years and agreed to a long-term commitment of US$100 billion per year by 2020, to be mobilised from a “wide variety of sources."
A year later in Cancun, Mexico parties created a new fund to channel the promised financial resources to developing countries. Over the course of this year, a transitional committee has met repeatedly to define the institutional and procedural framework of the Green Climate Fund and to lay the groundwork for the Fund to become functional.
While some observers hope the Fund will begin its work next year, developments at the upcoming climate talks in Durban, South Africa are perceived as crucial for the Fund's immediate future. Decisions reached in Durban will need to support the transitional committee's recommendations in order to move the Fund forward.
Climate finance still a priority, G-20 says
Only three weeks before Parties meet for the next round of climate talks, G-20 leaders reiterated the importance of climate funding at their 3-4 November gathering. “Financing the fight against climate change is one of our main priorities," leaders of the 20 countries responsible for 80 percent of the world's economy declared.
Participating in the G-20 summit, UN Secretary-General Ban Ki-moon welcomed the leaders' commitment to address climate change issues and called for the launch of the Green Climate Fund in Durban. Read the full report here.
Source:Â Bridges Weekly Trade News Digest, ICTSD.Â
