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The Green Fund

One of the main outcomes of the COP 16 summit in Cancun, Mexico was an agreement adopted by the states’ parties that called for a large “Green Climate Fund.”   The “Green Climate Fund,” proposed to be worth $100 billion a year by 2020, to assist poor and developing nations adapt to the adverse effects of climate change. The Fund will be governed by the Green Climate Board with 24 members, with equal number of members from developing and developed countries.

The decision to start-up the fund had already been made in Copenhagen a year earlier, but no action resulted.

As of May 2011 the fund is still not in place. A United Nations sponsored summit in Mexico City in April, 2011 resulted in little progress due largely to tensions between rich donor countries and poor recipients. Developing countries claim that they are the most vulnerable and worst hit by climate change and insist that developed countries, that are considered huge carbon emitters, pay for their mitigation and adaptation measures. They are demanding “climate justice”.

Many representatives who attended the two-day meeting in Mexico have serious doubts whether a mutually agreed plan will be ready for the upcoming UNFCCC meeting in Durban.

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