Climate Finance: Deal Maker or Deal Breaker?
Sitting in Monday’s briefing for observer organisations, ECO was delighted to hear the incoming President identify progress on climate finance as a “clear priority” for COP19.
We couldn’t agree more! With the Fast Start period behind us and only a handful of countries with new money on the table, we’re in need of some giant strides between now and the end of Warsaw.
At a minimum, all developed countries must set out, in a way that ensures comparability, the climate finance they will provide over the period 2013-2015, that is comparable and commit to a roadmap for scaling up public finance and reaching US$100bn per year by 2020. The Green Climate Fund must not be left an empty shell – for a fourth COP in a row. And if we’re to confront the enduring “adaptation gap”, Parties should agree that at least 50% of all public climate finance between now and 2020 will be spent on adaptation.
So Poland, now is the time for a good hard think about what it will take to deliver this kind of progress by November. ECO’s advice: It’s time to bring in those who hold the purse strings. That’s right, we’re talking finance ministers. If you’re serious about some big decisions on finance, which ECO believes you are, then we need to involve Finance Ministries and Treasuries in the conversation as soon as possible.
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