The Green Climate Fund- a focal point of climate negotiation tensions

(EurActiv, 13 Sep 2018) At a time when a series of international meetings on the climate is beginning, the funding tool for climate projects between the North and the South is facing governance problems. EURACTIV France reports.

As the San Francisco Summit opens on 12 September, a series of high-level meetings on climate also begins.

Following on from action by the local authorities and civil society in California, New York will be hosting “Climate Week”, in parallel with the General Assembly of the United Nations where the heads of state will be assembled.

In late November, the COP24 in Katowice is supposed to translate the theoretical commitments of the Paris Agreement (COP21) into a concrete roadmap. However, two crucial steps for the planet’s future are squeezed in between these great conferences. Firstly, the IMF and World Bank Annual Meeting in Bali in mid-October, which comes just before a Green Climate Fund board meeting in Bahrain on 17 October.

However, the Green Climate Fund, which organises transfers between the North and South and as such is a major cog in climate negotiations, is on hold.

At its last meeting in Korea early in July, the board was unable to adopt any of the points on the agenda. The executive director of the secretariat, Howard Bamsey, resigned in the aftermath. The United States’ withdrawal from the Paris agreement is only partly the cause of the deadlock.

The meeting was to decide on the replenishment of the fund reserves. Initially provided with $10 billion, the fund must indeed be replenished when 60% of its assets are pledged.

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EurActiv, 13 Sep 2018: The Green Climate Fund- a focal point of climate negotiation tensions