To facilitate the switch towards low-carbon, climate resilient development, the provision of support to developing countries remains a key item on the agenda. This support should come in the forms of technology and capacity building, and particularly through finance.
Developed countries need to live up to past promises, with developing countries rightly calling for a roadmap that specifies how the US$100 billion goal will be reached by 2020. Developed countries should respond to this call.
Even though it’s primarily developed countries that need to provide financial support after 2020, ECO wonders if countries with comparable levels of responsibility and capability are ready to join the club of contributors, too. For the sake of predictability, ECO supports proposals laid out in the Geneva text to periodically set collective finance targets, with separate targets for mitigation and adaptation, based on support requirements of developing countries.
ECO also feels that more emphasis should be placed on setting up a process to mobilise finance from alternative sources. The balance between mitigation and adaptation needs be to improved when allocating financial support, ensuring that adaptation finance corresponds to growing adaptation needs and is prioritised to the most vulnerable countries.