14 September 2011
– The Transitional Committee of the United Nations Framework Convention on Climate Change (UNFCCC) held its third meeting this week, in Geneva Switzerland. Two key concerns raised by civil society observers who were given a chance to take the floor and deliver statements were on the role of the World Bank in the Green Climate Fund (GCF) and the GCF’s engagement with the private sector.
One of the major decisions of the Cancun meeting of the Conference on Parties (COP) of the UNFCCC last December 2010 was to establish the GCF. Hundreds of billions of dollars in climate finance are needed by developing countries annually to cover the cost of climate adaptation and mitigation programs. The Climate Convention points to the obligation of developed countries to provide this finance because of their historical responsibility for causing the climate crisis. The GCF is the international institutions that will be responsible for the management and disbursement of this climate finance. The Transitional Committee was formed to prepare the proposed design of the GCF, to be approved in the next COP which will be held in Durban, South Africa in December 2011.
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