Green Shoots for the Financial Mechanism

As a low-key session in the all too familiar confines of the Maritim draws to an end, the pressures, ambitions and disappointments of Copenhagen are fading into the background. Green shoots are appearing in the LCA finance negotiations, where the dry discussions of institutions, functions, accountability and authority are turning into a rich and productive engagement. 

Largely stalemated since Accra almost two years ago, polarized positions are giving way to an open discussion and perhaps real movement towards agreement. ECO noted the Philippine delegation responding positively to the US proposal on the outline of a governance structure.  This is the clearest indication to date that the US may finally be willing to engage constructively in setting up a climate fund in accordance with contemporary best practices in global governance.

However, the history of international negotiations is littered with hard-fought but under-resourced funds and institutions. So while we celebrate progress towards agreement on the institutions, we can’t lose sight of the need for agreement on the innovative sources of public finance that can generate financing at the scale required, the need for developed countries to step up and take the lead with truly ambitious emissions reduction efforts, and for near-term global emissions peaking and reductions to levels that will ensure our children and grandchildren a blossoming planet.

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