Finance in the INDCs – A Guide for the Perplexed
On the eve of the finance discussion in the ADP today, ECO has been hearing a common refrain in the hallways of the Maritim: “What could countries possibly put in the INDCs on finance (and isn’t it better to just drop the whole idea)?”.
Of course, the INDCs are not the only place in the 2015 agreement to discuss finance commitments. Parties can express collective commitments, aggregate levels and burden-sharing approaches in the agreement itself too. History has shown that aggregate targets aren’t enough, especially when they’re vague and full of loopholes. Individual countries have to commit to concrete actions that reflect their share of global efforts to stay below 2°C.
ECO will count some of the ways this can be done:
- Developed countries and others with high capability and responsibilities could come right out and commit themselves to a concrete level of climate finance for the period in question. Most countries routinely deal with all sorts of long-term commitments as part of their budgeting process, so why not do this in the context of responding to a planetary emergency?
- They could make commitments to the Green Climate Fund, either absolute levels, or a commitment to continue scaling up beyond a certain level in 2020.
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