*By compromise, ECO mean somewhere in between what is scientifically needed and what YOU tell us is currently feasible.
The Conference of the Parties,
Recalling Article 4, paragraphs 1, 3, 4 and 5 and 7 of the Convention,
Reaffirming the unwavering commitment of parties to keep global average temperature increase well below 2 degrees C above pre-industrial levels and the continuum approach between mitigation, adaptation, loss & damage and finance that is required to ensure equity before 2020.
Reaffirming the urgency to address the current imbalance in mitigation and adaptation finance – in light of recent studies showing the adaptation and loss and damage costs in developing countries will very likely be well in excess of US$100 billion per year by 2020.
Reaffirming the need to raise mitigation ambition levels between now and 2020, and achieving emission reductions on the order of 8-13 Gigatonnes of emissions in the pre-2020 period, beyond existing commitments and actions registered under the UNFCCC.
Supporting the authoritative assessments demonstrating that staying well below 2°C will require several hundred billion of incremental finance per year and the shifting of trillions of dollars of existing private sector investments into low carbon technologies and solutions.
Emphasising that the commitment by developing countries to provide $100 billion for developing countries will be delivered in the form of new and additional public finance, through budgetary allocations from developed countries, supplemented by revenues from alternative sources of public finance
Emphasising the shortcomings of the main revenue stream for the Adaptation Fund in relation to the expected low price of CERs under the Clean Development Mechanism and the need for new and additional commitments by developed countries.
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Decides:
1. That developed country Parties shall provide jointly new and additional public finance amounting to an average of US$20 billion annually for the period 2013-2015, for mitigation and adaptation actions, including for REDD, technology and capacity building.
2. That for the periods of 2016-2018 and 2018-2020, developed country parties shall scale up financing in a linear manner from the current levels to reach $100 billion annually in public finance by 2020.
3. That developed countries shall allocate at least 50% of overall public finance to meeting developing country adaptation needs.
4. To establish a formal process to capitalise the GCF with an initial collective pledge of (…)** by COP19.
5. To call on the relevant bodies to design and implement global measures to raise new streams of public climate finance, particularly through:
i) Redirection of at least 100% of Annex 2 fossil fuel subsidies
ii) Carbon pricing mechanisms applied to the international aviation and maritime transport – in accordance with the principal of CBDRRC and existing commitments under the UNFCCC.
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Welcomes
1. The pledges to the Adaptation Fund of (…)** collectively made by Annex 2 Parties for 2013/2014, as contained in Annex C of this decision, and those made by other Parties.
2. The initial pledges to the Green Climate Fund of (…)** collectively made by Annex 2 Parties as contained in Annex D of this decision.
3. The recent declaration by 11 EU Finance Ministers to earmark at least 100% of the revenue raised through their Financial Transaction Tax to the Green Climate Fund.
Disclaimer
** “there is not enough space on this page to specify the number of billions ECO is expecting”
For official CAN positions, please refer to www.climatenetwork.org