The committee will meet in Geneva, Switzerland, on 11-13 September to continue work on a design proposal that will be put forward for consideration at the UN climate change talks in Durban, South Africa, at the end of this year.
The transformational change required for a global shift towards a low-carbon future cannot happen without an effective use of public funds to leverage much higher levels of private-sector capital, UNFCCC executive secretary Christiana Figueres said.
“The transitional committee of the fund is exploring how to design it in such a way that it can engage the private sector to bring about this essential change in developing countries," Figueres said.
Governments agreed at the UN climate change conference in Cancun, Mexico, in December last year to set up a fund to help finance developing countries' efforts to reduce greenhouse gases (GHG) emissions and adapt to the effects of climate change.
Industrialised countries pledged $100bn/yr by 2020 from a mixture of sources, including public and private-sector funds, to address the needs of developing countries. They also agreed that a significant share of the new financing should flow through the Green Climate Fund. Read the full report here.
Source: Energy Delta Institute, London.
