Thursday, August 30, 2018

Green Fund Woes Loom over Upcoming Climate Talks

Difficulties within the UN Green Climate Fund will bleed into sensitive negotiations on climate change next week in Bangkok.

Delegates at a recent Green Climate Fund event in the Pacific (Photo Credit: GCF) Click to Enlarge.
A climate finance crunch is casting a shadow over talks on how the Paris Agreement will work, due to be finalised this year.

The UN’s flagship Green Climate Fund (GCF) hit a crisis last month, as a board meeting collapsed without agreement on a process to raise fresh funds.  Project bids were left in limbo as relations between rich and poor country representatives turned toxic.

It was “really disappointing” for millions of vulnerable people depending on that support, a lead negotiator for the world’s poorest countries told Climate Home News.

“We all have financial gaps and the gaps are becoming bigger and bigger with time,” said Ethiopia’s Gebru Jember Endalew, chair of the least developed countries group at the UN.  “It is going to be difficult to deliver our [national climate plans] and what we want to achieve.”

It risks hampering efforts to advance the rulebook for the Paris Agreement at an extra session of talks in Bangkok next week, he added.  The developing world has emphasised progress on the rulebook must be “balanced”.  That means clarifying how rich nations will deliver the money they promised, as well as developed country priorities like standards for transparent carbon accounting.

“We are moving faster on other issues but when it comes to finance, it is delayed.  Finance is key to deliver the rulebook,” said Endalew.

Read more at Green Fund Woes Loom over Upcoming Climate Talks

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