COP17 negotations update 1st December
Negotiations updateWednesday was a day dominated by talk of finance.
First an informal group on finance under the LCA gathered to discuss the negotiation texts on standing committee and long term finance. Luckily there was no debate over the agenda. Neither was there any breaking news. Developing countries underlined, among other things, the importance of public finance, identifying new sources and capitalisation to the Green Climate Fund. On the other hand, the US emphasised private finance as the solution and that public finance should be used to leverage private action. According to the US, each country can decide the source of its contribution. Japan and Australia expressed similar views to the US. The EU made a constructive statement that climate finance should not fall off a cliff after 2012, when the so called fast start finance period draws to an end. The EU also wants the Parties to discuss different finance sources and flagged bunkers as a potential and promising source. In the afternoon everybody was eager to find out the destiny of the Transitional Committee’s proposal on the design of the Green Climate Fund. Most of the parties highlighted that as the proposal was a compromise it naturally included points that no one could be hundred percent satisfied with. But they also stated the importance of getting a positive outcome on the Fund in Durban. The US, Venezuela speaking on behalf of ALBA, Egypt, Nigeria and Saudi Arabia expressed concerns that would need to be addressed before a positive decision on the Fund would be possible. Because of the diversity of views, the Chair reiterated that a decision on the Funds needs to be adopted here in Durban and therefore she would personally undertake open, inclusive and transparent consultations to hear parties´ concerns on the draft. However, it still remains unclear what exactly the process of consultation will be.Categories: UN Talks