ECO is worried that the lengthy conversations about future contributors to climate finance may be helping developed countries avoid provisions today for more adequate and predictable support. Because, with time running out, ECO is fearful that Article 6 may be reduced to little more than a compromise on differentiation, a bit on ex-ante information (the draft para on this, let’s face it, is just re-hashing stuff from previous COP decisions), language on ex-post transparency, and perhaps a reference to the global stocktake.
This would be unfortunate. ECO has always seen Article 6 as one that an ambitious agreement needs in order to ensure future financial support for those countries that need it. Para 10 (option 2) does exactly that. The text suggests the periodic setting, review and adjustment of collective goals for the provision of support. ECO would love to see these few words, originally inserted by the G77 in October 2015, become the “operational core” of Article 6. Setting such collective goals, for instance, in 5-year cycles, perhaps backed by individual countries’ plans outlining how they will contribute, would greatly increase predictability. It would enhance adequacy, too, if such goals were linked to support requirements hinted at by developing countries in their current and future INDCs.
And yes, differentiation needs to be fixed. If ECO had its way, of course, Annex 2 countries would be required to enhance the implementation of their obligations. And other countries with comparable levels of historic responsibility and economic capability would indeed be in a position to complement such efforts.