Climate Finance: Already in Trouble

Climate finance or additional resources for developing countries to fight global warming was an integral element of the Copenhagen Accord drawn up at the climate summit in December 2009. But preparatory meetings for the next round of climate negotiations indicate that the sinners of climate change have already begun to backtrack.

That there would not be any legallybinding climate change agreement at the 16th Conference of the Parties (COP) of the United Nations Framework Convention on Climate Change (UNFCCC) to be held in end November in Cancun, Mexico, has now become public.

An informal meeting of 46 environment ministers and officials that ended in early September in Geneva gave the first indication of what could be expected in the hurricane-prone town on the Atlantic coast. The COP 16 which is to negotiate a new agreement to replace the failed Kyoto Protocol (KP) is not embarking on any a mbitious goals. Instead, it would attempt at some inconsequential decisions on c limate finance. Consequently, the lifethreatening climate issues centring on the reduction of carbon emissions and other associated challenges will be left for some other day to avoid the repeat of the Cancun-collapse of the 2003 meeting of the World Trade Organisation (WTO).

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