Abstracted and photographed by: Chim Linna
In Copenhagen Accord November 2009, developed countries promised to transfer US $ 30 billion in fast-start finance to developing countries over three years (2010-2012) for immediate climate action.
Protesters gathering in democracy square with variety of currencies in hand.
In order to know how these financial flows are managed and guided well, the prerequisite to make progress toward a comprehensive, fair and effective post-Kyoto Agreement global climate deal should be satisfied/present well. Furthermore, the trust and commitment between developing and developed countries in the ongoing UN climate negotiators are really important.
Where public funding for climate change is used, national governments and global funding entities (receiving contributions from developed countries) are obligated to administer public funds in a way that is both transparent and accountable.
Accountability furthermore suggests that broad stakeholder participation and representation should be ensured in the administration of climate funding on the principle of equity.
A transparent administration of public climate funding requires publicly available, accurate and timely information on a mechanism’s funding structure, its financial data, the structure of its board, its decision-making process as well as actual funding decision made.
Where is the Global Climate Fund?
Not only nation states that should be included into the fund management and decision-making structure but also a broad group of stakeholders such as civil society and climate change affected group and community in the recipient countries.
A guiding framework for climate finance is also including a human right perspective while the UN Framework Convention on Climate Change (UNFCC) is not formally addressed. Some climate finance investments have at best a dubious benefit for the climate and may harm sustainable development objectives as well as violate human right. Public funding for climate change should avoid such investments. Areas of special concern include investments with focus on traditional fossil fuel exploration, large hydro dams or nuclear power generation.
Supporting vulnerable groups should be prioritized by making capacity building, technologies and funding resources available especially for them. Women and men due to largely gender roles and respective rights (or lack thereof) have differing vulnerabilities to climate change as well as differentiated capabilities to mitigate emissions, adapt to and scope with climate change impacts.
National Climate Change Network and other 52 members gathering in democracy square.
The Rio Declaration: Principle 15–the precautionary approach, has been shown that the absence of full scientific certainty on necessary adaption and mitigation action should not be used as a reason to postpone or delay funding for possible climate action now.
Beside determining the quantity of climate funding, applying the polluter pays principle will define a legal obligation for compensatory finance, distinctly from aid flow. Climate financial funding should be additional to existing official development assistance (ODA) commitment and other pre-existing flow from developing countries to avoid the diversion of funding for development needs to climate change action. And climate funding should not place extra development burden on the recipient countries.
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