The Green Climate Fund: discussion of principles and design
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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
