So here we are at the first ever finance ministerial. With the ‘climate crunch’ rapidly exposing our economies to the risks of climate change and economic downturn, the stakes have been raised. Parties have agreed on the need for action, put in place the institutions and frameworks, but there is one essential ingredient missing: finance.
ECO 9, COP 19, English
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You may have noticed the developed countries’ increasing enthusiasm for having private finance substitute for their direct support as part of meeting the the promise of mobilizing US $100 billion per year by 2020.
ECO wonders if developed countries are scheming to create suspense on the Adaptation Fund over the next couple of days, by orchestrating the announcements of their pledges to start with the lowest first: Norway’s US $2.5 million was announced yesterday. While that doesn’t quite compare to Sweden’s $30 million, we believe that every dollar counts.
Where is the Finance (WTF) to fill the gap? Here’s one of many answers to that question, the Financial Transaction Tax (FTT).
Over 200 civil society organisations today launch a call for a fair climate fund to be established this week in Cancun.
With negotiations for a draft ADP text entering their third day, the debate on equity is surely heating up. This is the moment to ensure that an important aspect of effort sharing is on the agenda: the equitable provision of finance and other means of implementation – especially to the most vulnerable.