The idea of the fund has been around for a while but has finally come to fruition.  Designing the fund is proving to be challenging.  To be successful, the fund has to be equitable – panellists will address how to best shape this fund.

Ambassador Ali’ioaiga Feturi Elisaia, Samoa representative to the UN

• Pacific islands gravely effected by climate change
• If international community is serious about climate finance what is needed is customized facilities and distribution mechanisms
• Without new modalities pacific islands will continue to be bypassed
• Complexities associated with climate finance demonstrate need for serious reform
• GCF needs to be inclusive and recognize the needs of all stakeholders, particularly those of most vulnerable countries such as Pacific islands
• If the new fund cannot meet these criteria then the future of the Pacific countries is in dire straits
• Fund must be transparent

Amar Bhattacharya, director of the G24

• Very concerned about climate finance but waiting to see what kind of role to play
• Unique opportunity of combining development and climate paradigms
• Imperative that there is a an agreement that allows for urgency and scale
• Large scale infrastructure investments necessary for development which allows foray into climate discussion
• Global growth should be environmental but that requires money and technology and polluter should pay
• Need positive governance and implementation mechanisms.  Transparency and accountability are critical – we need to know where funds are coming from.
• New money needs to be additional and concessional, and mostly public funds.  Mobilisation of fund should reflect that
• South-south cooperation is key, but should be additional to northern cooperation
• We need to think about institutional framework
• Need for mechanisms to be country focused and owned but that is not enough: there needs to be a mechanism to enable collective action
• Equity includes having a balance between what goes to systemic countries and what goes to small and vulnerable countries
• Civil society needs to take lead in creating bridge funds in the run up to the GCF

Lidy Nacpil, Jubilee South

• Climate debt is a principle being discussed and asserted.  Climate debt is owed by those responsible for climate crises.  Climate debt is part of the UNFCCC
• Climate finance is a form of reparations for climate debt and should be based on principle of burden sharing.  It should not come in the form of loans
• There should be no expectation of return on investment associated with climate finance
• Climate finance should not be laden with conditionalities
• Climate finance should be focused on principle of adaptation, but most of the finance flows now are for mitigation rather than adaptation
• Emissions per capita are much lower in the south than north; the south should have the right to emissions
• Governance and management structure are very important
• Reiterate call for climate fund to be separate from the World Bank and IFIs

Ilana Soloman, ActionAid

• Focusing on civil society and community participation
• Participation is important principle
• Civil society has not been brought into climate process until decisions were already made
• Calling for all meetings of transitional committee be open to civil society
• Members of board should consist of members of civil society
• Need to focus on new and innovative programs
• World Bank’s inequitable governance structure problematic for management of climate fund