Guess what, it’s already week 2, day 3! ECO knows that time flies when you’re having fun; but let’s stay focused. You will be faced with one of your biggest challenges since COP21 in the coming days: making sure the Paris Agreement will benefit from a fair, balanced, and complete Rulebook that will enable us to limit global warming to 1.5°C. Let us be clear: without consensus on the overall support package, a robust Rulebook and an ambition mechanism cannot be agreed upon. Failure to resolve the sticky financial issues will undermine trust between Parties, the eventual implementation of the Paris Agreement, and put at risk more ambitious global climate action for the years to come.
To help you navigate the many challenges related to finance, here are some final tips:
- Be Predictable! Article 9.5 is key to improving predictability of future financial support. A full operationalization would require qualitative and quantitative data to be provided every two years, submitted to a public registry and then synthesized, in order to inform the CMA and the global stocktake. Article 9.5 can give an indication of how provided and mobilized support aims to make financial flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development €” but must not be confused with the obligations of developed countries in providing adequate, sustainable and predictable support.
- Accounting is caring! Article 9.7 deals with the accounting of climate finance. It is an obligation for you, developed country Ministers. To all Ministers: you must enhancethe current system, not backslideon it. This means recognizing the importance of harmonized reporting practices and helping assess the actual assistance provided to developing countries by identifying the grant-equivalent of financial instruments. Once again, Ministers, please do not confuse article 9.7 with article 2.1.c.
- Mind the gap! Ministers, you need to acknowledge that the USD $100 billion commitment hasn’t been delivered in its entirety. You should demonstrate your commitment to achieving the collective goal of mobilizing $100b a year by 2020 to enable the mitigation, adaptation and capacity building actions of developing countries.
- Think ahead! You will need to agree on a process to lay the ground for a new 2025 climate finance target and agree to launch the process for setting the new target at the latest in 2020.
- Step up your promises! Ministers, you need to commit significant money to ensure an ambitious replenishment of the Green Climate Fund. Germany and Norway already did, why can’t you?
- Refuse the irreversible! The IPCC report reminded you that in some cases, adaptive capacity has already reached its limits. Open your minds to loss and damage, and deliver on the spirit of Paris which created a stand-alone article on this topic. You should include finance for loss and damage in articles 9.5 and 9.7 but also reflect loss and damage in transparency and the global stocktake