COP20 discusses funds for fighting climate change


Lima, Dec 4  Participants at the 20th UN Climate Change Conference (COP20) have discussed the funding for efforts to mitigate and adapt to the climate change on the third day of the summit.

At the session Wednesday, financial inputs from the UN Framework Convention on Climate Change (UNFCCC), the Green Climate Fund (GCFM) and the Global Environment Fund (GEF) were presented.

COP20According to the UN, global funds committed to mitigating and adapting to climate change totalled between $340 billion and $650 billion annually in 2011 and 2012.

Aid from developed nations to developing countries ranges between $35 billion and $50 billion annually, and is largely covered by financial assistance of $15 billion to $23 billion from multilateral development banks, the conference was told.

According to estimates, the GEF and UNFCCC help developing countries with an annual contribution of around $600 million.

The UN’s calculations do not include the $9.7 billion worth of bonds for the GCF which was created during COP17 as a mechanism to help developing countries with the goal to reach $100 billion by 2020.

The European Union also committed to reach the goal of $10 billion for the GCF before the conclusion of the summit in Lima which began Monday.

Delegations from 195 countries are taking part in the conference which will end Dec 12.

The conference expects participating nations’ leaders to take important decisions on the issue next week.

COP20’s main objective is to set a framework based on greenhouse gas reduction and financing of efforts against climate change to be approved next year at COP21 in Paris and which will replace the Kyoto Protocol which was signed in 1997 with validation until 2020.