In the news: Climate change
From Bonn, progress on Green Climate FundBy Eliza Villarino28 May 2012
Governments want the board of the Green Climate Fund to meet by end of June or early July, which would pave the way for the fund to be up and running in 2013, according to the Secretariat of the U.N. Framework Convention on Climate Change.
Most of the nominations for the board, UNFCCC said May 25 in a press release from Bonn, were already submitted, and the rest are expected soon. Per agreements in Durban, the 24-member board will oversee the fund’s operation.
The meeting in Bonn took place May 14-25. It was the first among climate change negotiators since the summit in Durban, South Africa, in late 2011.
Also in Bonn, multilateral development banks came to an agreement on joint tracking of climate financing. The accord involves the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank and World Bank.
The banks will unveil their methodology for tracking climate adaptation funds in November at the 2012 U.N. Climate Change Conference, AfDB noted in a May 27 press release.
An agenda for a new climate treaty by 2015 was agreed at the Bonn meeting. But some nongovernmental organizations have criticized the lack of progress on delivering financial support to poor nations most affected by climate change.
In a statement published on its website, Oxfam said that at the November summit in Qatar, rich countries must commit to provide at least $10 billion to the Green Climate Fund between 2013 and 2015.
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