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Wednesday, 14 November 2012

EU fogs post-2012 climate aid pledges

Europe will not promise any specific new monies for fast-dwindling climate aid to the developing world, according to draft conclusions of the economic minister’s council (Ecofin) on 13 November.
The draft economic minister’s council conclusions say only that the EU will “continue to provide climate finance support after 2012”, without providing details of any 2013-2019 package.
The EU has stumped up €7.2 billion of climate finance in the 2010-2012 period under a Fast Start Finance (FSF) deal, due to run out at the end of this year.The FSF was intended to kickstart a global Green Climate Fund that will eventually generate $100 billion (€78.9 billion) a year in climate aid, but has been beset by squabbles over seats, sources of funding, methods of payment, and beneficiaries.
If a gap did appear in funding, “that would be disastrous for us, very negative” said Evans Davie Njewa, a climate negotiator for Malawi and the 48 least developed countries (LDCs).
Of the EU’s €7.2 billion funding to date, the draft conclusions says that 40.5% of the total has been spent on mitigation measures, 30.1% on adaptation and 13% on support action to reduce deforestation and forest degradation in developing countries. Many developing countries though question the allocation of EU FSF funds, 60% of which have been delivered without consulting the affected countries, according to Oxfam. Njewa said that most revenue had so far gone to fund mitigation projects favoured by the wealthy North, rather than adaptation measures, favoured by the LDCs themselves.“We don’t even have a clear registry where the support has been recorded,” he complained. “We’re told that the money has been going to straight to communities but I don’t know how much because we don’t get official reports,” he said.

 

Source: Euractiv

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