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Dispute grips Green Climate Fund over net zero condition for accessing finance
(Climate Home News, 8 Oct 2021) The UN’s flagship climate fund has been gripped by fierce debate over what decarbonisation conditions should be imposed to developing nation organisations seeking to access funding.
It was close to 4am on Friday in the Green Climate Fund’s South Korean headquarters when board members brought the four-day virtual meeting to a close.
Besides the usual delays and procedural wrangling, discussions became heated when board members were asked to consider whether to renew the GCF’s partnership with the Development Bank of Southern Africa (DBSA).
At the heart of the issue was a disagreement between members from large emerging economies and richer nations over whether decarbonisation conditions should be imposed on organisations from developing nations seeking to access funding.
The GCF was created to help poor countries curb their emissions and cope with climate impacts. It depends on agencies like DBSA to deliver projects in poor nations.
Some board members from rich countries added as a condition for DBSA to be re-accredited that the bank adopts a 2050 net zero emission target across its portfolio, and an intermediate 2030 target, within one year of the accreditation being approved.
Climate Home News, 8 Oct 2021: Dispute grips Green Climate Fund over net zero condition for accessing finance
