Geneva Conference must give clarity to climate finance
Negotiations for a new climate agreement, initiated last December during the United Nations Framework Convention on Climate Change (COP 20) in Lima, Peru, will continue this week in Geneva, Switzerland. Delegates there will work on detailing the various elements to be included in the negotiating text of the new climate agreement, including climate finance.
Climate finance is a key factor in enabling developing countries to confront climate change effectively. "We hope the Geneva session concludes with a negotiating text that provides clarity for predictable and sustainable financing," said Andrea Rodriguez, attorney with the Interamerican Association for Environmental Defense (AIDA). "The agreement needs to establish with certainty the sources of finance, which institutions will mobilize and manage them, and how they will be disbursed, in order to ensure that these efforts contribute to low-emission, climate-resilient development in developing countries."
The Conference in Peru ended with the Lima Call for Climate Action, a document whose annexes contain the essential elements for a draft negotiating text of the new climate agreement, which will be signed later this year at COP 21 in Paris. Delegates in Geneva are expected to intensify work on those key elements, and produce a negotiating text that will have legal force under the United Nations Framework Convention on Climate Change.
Given the importance of the Geneva conference, AIDA is providing climate finance recommendations for negotiators to incorporate into the draft text of the new climate agreement:
Clear provisions regarding who is required to mobilize resources.
Clear goals beyond 2020 for a road map towards annual public financing targets.
Scaling up of resources to ensure compliance with the existing commitment to mobilize $100 million by 2020, and to allow countries to plan their climate actions.
Predictable, adequate and sufficient climate finance to promote the transition to low-carbon, climate-resilient development in developing countries.
50:50 balanced allocation of resources for adaptation and mitigation actions.
Definitions of climate finance and climate investment.
Clarity on which climate finance institutions will operate under the convention.
Recognition of the Green Climate Fund as the primary channel to mobilize resources, without the exclusion of other funds.
Strengthen the mandate of the Standing Committee of Finance to enhance coordination and coherence of work between different financial institutions.