Songdo, South Korea – After four years of negotiations over the framework of a new UN Green Climate Fund (GCF), developing and developed countries have agreed on what are considered “essential elements” to make the Fund operational.
Institute for Policy Studies associate fellow Oscar Reyes, in Songdo to observe the GCF Board meeting, said, “The Green Climate Fund is finally ready to receive money, which is a very welcome step. Developed countries now need to step forward and contribute significant amounts, with their ambition matching the urgency of climate change. UN climate negotiators are gearing up to discuss a new global treaty, so there is not a moment to lose.”
The GCF Board agreement “stresses the urgency to reach pledges by November 2014,” in advance of the UN Climate Change Conference in Peru later that month.
Janet Redman, director of the Institute for Policy Studies’ climate policy program, also in Songdo, added, “The agreements in Songdo are an overdue success, but a lot of work remains to ensure that the Green Climate Fund truly supports the people most impacted by climate change.”
“There is still a real risk that the Green Climate Fund could support so-called ‘clean’ coal, gas, nuclear power and other dirty energy. The GCF is also being heavily lobbied by multilateral development banks and Wall Street banks, which are lining up to channel the majority of the money it disburses. But with a track record of funding dirty energy and ignoring the needs of communities, that would fundamentally contradict the Fund’s objectives.”
Janet Redman, Institute for Policy Studies
Oscar Reyes, Institute for Policy Studies