By RTCC staff
Lead US negotiator Todd Stern has said certain developing states should contribute to a new financing mechanism to help tackle climate change.
Worth $100 Billion a year, the fund was proposed in Cancun ‘to address the needs of developing country Parties with regard to climate change adaptation and mitigation’.
Quoted in a Reuters report, Stern said he expected emerging economies such as China and Brazil to start contributing in the ‘short term’.
The establishment of the Green Climate Fund is rapidly becoming a key target for the forthcoming talks in Durban.
In the absence of substantive progress over a second commitment period to the Kyoto Protocol, a clear mechanism to enable funds to reach countries severely affected by climate change will be seen as a sign the talks have been a success.
Last week UN Secretary General Ban Ki Moon added his voice to the debate, calling for governments to find ways at COP17: “to mobilise resources up to the $100bn per annum as pledged.
“The fund needs to be launched in Durban. An empty shell is not sufficient. Even in this difficult time we cannot afford the delay.”
His words were echoed by UNFCCC Executive Secretary Christiana Figueres, who called on attending delegates to agree on a comprehensive financial package for states at risk from climate change.
“The ability of the world to become more climate-resilient will largely depend on the speed with which emissions can be decreased, and the extent to which the poor and vulnerable populations in developing countries are provided with necessary finance and technology to adapt to the inevitable,” she said.