It is now universally recognized that addressing climate change is one of the most important considerations in securing the future welfare of the world’s people and maintenance of natural ecosystems and associated services and species. It is also recognized that developing countries especially least developed countries, SIDS and fragile countries are going to be increasingly vulnerable to the impacts of climate change and at the same time have the lowest ability to adapt. At the same time the degradation of natural ecosystems is leading to loss of biodiversity and reducing the options for biodiversity and people to adapt to climate change.
Although progress at UNFCCC COP 15 in Copenhagen in December 2009 was mixed - some advance was made when developed countries committed US$30 billion in additional funds between 2010-2013 in so-called “fast-track” finance to support immediate action on climate adaptation and mitigation by developing countries. It was also agreed that this would be scaled up to $100 billion per year by 2020.
In order to ensure that these funds are allocated in a strategic manner and reach the targeted developing countries as soon as possible – they should be channeled through existing mechanisms to support immediate action, rather than await the establishment of new mechanisms. Furthermore developing countries called for the funds to be channeled via the formal UNFCCC approved funding mechanisms. Read more . . .