ECO would not want negotiators to leave Bonn with the feeling that no progress was made on finance–which is what will enable the implementation of any fair and ambitious agreement reached in Paris.
The good news first: ECO senses convergence on the view that future finance arrangements should build on the existing architecture. This includes the Green Climate Fund, the Adaptation Fund, the Least Developed Countries Fund, the Standing Committee, the Strategies and Approaches process (a work in progress, hopefully useful), the biennial ministerial engagement, and the MRV provisions (modest and with room for improvement). This fact should keep the developed countries happy, and allow negotiators to focus on the substance: how to get more money flowing to climate action.
But before money can get out, it will first have to get in–that is, into the Green Climate Fund. The Fund is waiting for pledges.This week the G77 and China called for an initial capitalisation of at least US$15 billion. Thanks to the remarkable pledge by Sweden, we are inching closer. Will the US, the UK, Japan, Norway, Canada, Australia, New Zealand, Belgium, Finland, Austria, Iceland, Ireland, Poland and others rise to the challenge?
ECO is pleased that climate-proofing of investments has gained a lot of attention and support here in Bonn, perhaps even enough to be expressed through specific decisions to be made in Paris.
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