Monday, July 20, 2015

Climate Treaty's Finances on Shaky Ground

This primer explains why faith is beginning to wane in the Green Climate Fund, designed to heal divisions between rich and poor nations.

French Foreign Minister Laurent Fabius speaks at a news conference on global warming in June 2015. Paris will host the critical UN climate change talks in December 2015. A key element of a climate deal, the Green Climate Fund, is struggling to live up to expectations. (Credit: Reuters/Pascal Rossignol) Click to Enlarge.
Faith in the Green Climate Fund, the finance arm long believed to hold a key to achieving a global climate change accord in Paris in December, is beginning to wane.

The financing vehicle is supposed to be the primary distributor of tens of billions of dollars in climate aid to help the world's poorest countries deal with climate change caused primarily by the actions of others.  It was designed to help heal the deep divisions between rich and poor nations that have long dimmed hopes for a meaningful global warming solution.

But with just one more board meeting to go before the Paris climate talks begin, the money it has to work with is not close to what's needed, the $3 billion contribution from the United States is looking iffy, and the fund has partnered with several financial institutions that developing nations distrust.

Read more at Climate Treaty's Finances on Shaky Ground

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