With days remaining in the Copenhagen climate talks, the rich have finally begun to discuss climate financing for the poor. The negotiating round has gone on for two years with little serious discussion on financing and many other topics, a gaping failure of a process run by and for rich-country politicians who do not like to be bothered with unpleasant details. This will not do. Climate financing needs a formula.
The governing law is the United Nations Framework Convention on Climate Change signed in 1992. It is unambiguous. “The developed country Parties shall provide new and additional financial resources to meet the agreed full costs incurred by developing country Parties in complying with their obligations” under the treaty. Moreover, “developed country Parties shall also assist the developing country Parties that are particularly vulnerable to the adverse effects of climate change in meeting costs of adaptation to those adverse effects”. The treaty emphasises the need for “adequacy and predictability in the flow of funds”.
Read it all.
Jeffrey Sachs: How to hold the rich to their word
With days remaining in the Copenhagen climate talks, the rich have finally begun to discuss climate financing for the poor. The negotiating round has gone on for two years with little serious discussion on financing and many other topics, a gaping failure of a process run by and for rich-country politicians who do not like to be bothered with unpleasant details. This will not do. Climate financing needs a formula.
The governing law is the United Nations Framework Convention on Climate Change signed in 1992. It is unambiguous. “The developed country Parties shall provide new and additional financial resources to meet the agreed full costs incurred by developing country Parties in complying with their obligations” under the treaty. Moreover, “developed country Parties shall also assist the developing country Parties that are particularly vulnerable to the adverse effects of climate change in meeting costs of adaptation to those adverse effects”. The treaty emphasises the need for “adequacy and predictability in the flow of funds”.
Read it all.