Copenhagen Green Climate Fund

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The Copenhagen Green Climate Fund was announced as part of the Copenhagen Accord, an agreement negotiated by the U.S. and 24 other countries in the dying days of the COP15 conference in Copenhagen in December 2009. The "accord" evolved from the "Danish text", drafted by the Danish government and the "circle of commitment".[1]

The accord stated, in point 8 of the 12-point "accord" that".[2]:

"Scaled up, new and additional, predictable and adequate funding as well as improved access shall be provided to developing countries, in accordance with the relevant provisions of the Convention, to enable and support enhanced action on mitigation, including substantial finance to reduce emissions from deforestation and forest degradation (REDD-plus), adaptation, technology development and transfer and capacity-building, for enhanced implementation of the Convention. The collective commitment by developed countries is to provide new and additional resources, including forestry and investments through international institutions, approaching USD 30 billion for the period 2010 - 2012 with balanced allocation between adaptation and mitigation. Funding for adaptation will be prioritized for the most vulnerable developing countries, such as the least developed countries, small island developing States and Africa. In the context of meaningful mitigation actions and transparency on implementation, developed countries commit to a goal of mobilizing jointly USD 100 billion dollars a year by 2020 to address the needs of developing countries. This funding will come from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance. New multilateral funding for adaptation will be delivered through effective and efficient fund arrangements, with a governance structure providing for equal representation of developed and developing countries. A significant portion of such funding should flow through the Copenhagen Green Climate Fund."

Point 9 of the accord stated that "To this end, a High Level Panel will be established under the guidance of and accountable to the Conference of the Parties to study the contribution of the potential sources of revenue, including alternative sources of finance, towards meeting this goal."[2]

Point 10 stated that "we decide that the Copenhagen Green Climate Fund shall be established as an operating entity of the financial mechanism of the Convention to support projects, programme, policies and other activities in developing countries related to mitigation including REDD-plus, adaptation, capacity-building, technology development and transfer."[2]

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References

  1. John Vidal, Copenhagen climate summit in disarray after 'Danish text' leak, Guardian, December 8, 2009.
  2. 2.0 2.1 2.2 "Copenhagen Accord", United Nations Framework Convention on Climate Change, December 18, 2009.

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