The task for Cashowice: Real money for real action

ECO had hoped finance negotiations would progress substantively in Bonn so that in the run-up to COP24 Parties could engage in a serious discussion on scaling up finance to ensure the implementation of the Paris Agreement. But here we are on the last day of this session and progress on finance has been dramatically slow.

 

While negotiators spent the past 10 days talking about how to accurately report past and future climate finance commitments, we are still far from adopting robust standards. There also remains little clarity on when and how countries will start a process to define a new collective goal for climate finance after 2025. Finally, those who attended the Suva Dialogue might have noticed that negotiators missed the elephant in the room: finance for loss & damage and the innovative sources that would help to mobilize it.

 

But, these discussions are only the tip of the iceberg. The true question that donor countries need to address in the run up to the Bangkok session and to COP24 is how they will deliver on their promises of support for developing countries to implement the Paris Agreement This support will enable many developing countries to step up their ambition. Ambitious outcomes at COP24 will depend on whether donor countries are ready to  come to the table with real money for real action.

 

Only reaffirming the goal to mobilize USD$100 billion a year by 2020 will not be sufficient. Donor countries will have to take concrete steps to enhance the trust and confidence in the Paris Agreement regime. The upcoming replenishment of the Green Climate Fund is an opportunity to do so, by committing to significantly scale up their contribution by COP24.

 

Last but not least, governments should use the G7, Petersberg Dialogue and the Ministerial of Climate Action in June, the IMF/World Bank meetings in October and the G20 in November, to take the climate finance debate forward. After all, what we’re talking about is nothing less than bringing an ambitious, just and robust Paris Agreement to life.