Money Monday

10 December 2018

Welcome to smoggy Katowice, dear Ministers. As you set foot into the Spodek and join the more than 25,000 people participating at this COP, you might quickly notice we were expecting you. Normally, the 2nd week of COP represents mostly political moments. However, you will quickly realize this year is different.

Five days before the deadline to adopt the Paris Agreement Rulebook, you find yourselves, specifically on finance, between the mysterious technical world of these negotiations and your political agenda.

It’s money, money, money. You will quickly notice that nothing will get done unless we do this right. ECO wants to help. As you get briefed by your advisors and Head of Delegation on the Katowice Package, you will quickly learn about the finance package.

It’s pretty simple and straightforward. Climate finance is at the heart of the Paris Agreement. To achieve the goals of the Paris Agreement, transparent, adequate, and predictable sources are needed specifically for the most vulnerable countries already facing the impacts of climate change. ECO hopes the 3rd High Level Ministerial Dialogue on Climate Finance will be used to confirm that.

Countries should use this moment to speak about ambition, set high expectation on the Green Climate Fund replenishment, and speak about the importance of making finance flows consistent with a pathway towards low greenhouse gas emissions and climate resilient development. At the same time, this moment should be an opportunity to raise the issue of loss and damage finance and the urgent need to scale up support for the most vulnerable countries.

We are positive you know this already, but there cannot be ambition if there is not trust. That is why in the rulebook, Article 9 sets modalities to ensure proper accounting of financial flows from developed countries. To ensure transparency, these guidelines must ensure climate finance flows are reported in detail for each project, including the net value of the support, and how this support is new, additional and aimed for climate action.

Now, in order for developing countries to prepare their NDCs, the Paris Agreement requests rich developed countries to provide indicative information on climate finance mobilization and financial resources that developed countries will provide to developing countries for mitigation and adaptation, as stated in Article 9.5 of the Paris Agreement. There is some progress so far and information to be provided has been identified. However, what is missing is defining what to do with it. Let’s make sure this information informs Parties and the global stocktake.

Ministers, you will be called to state your position about the post-2025 financial goal. If that is the case, what we need from you is just to confirm that such a discussion must take place. But you need to say it.

If someone ever asks about the Adaptation Fund serving the Paris Agreement, note that at this COP we just need a decision to ensure a smooth transition of the fund from the CMP to the CMA. Such a decision should aim to protect the integrity of the Adaptation Fund’s current structure. It is all a question of sequencing.

Don’t worry: ECO will be here to walk you through the most contentious issues to be faced at this COP. We know you can make it and deliver on the spirit of Paris by making finance a key pillar of the Rulebook and providing the much needed real finance that will spur climate action by 2020.

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