Instead of a Treaty, Climate Summit to Focus on Fund Use

Cancunmesse is one of the official venues of the climate change summit in Cancun, Mexico. Photo by: CC2010

The climate change summit in Cancun, Mexico, which starts today (Nov. 29), will focus on mobilizing financing to cope with the adverse impacts of global warming instead of a binding treaty, observers say.

Last year’s conference in Copenhagen, Denmark, failed to forge a global deal on targets and sanctions for greenhouse gas emissions. What emerged from the conference was the Copenhagen Accord, which proposed USD30 billion in emergency climate aid over the next three years with the goal of increasing the assistance to USD100 billion per year by 2020.

>> At Copenhagen, Billions Promised for Climate Change

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U.N. officials predict an ”incremental progress,” rather than an overarching deal on reducing emissions during the Cancun conference, which runs until Dec. 10, The Associated Press reports.

Developing nations, in particular, are set to look for concrete actions on the creation of a green fund to manage climate financing pledged by rich nations in last year’s Copenhagen summit.

>> Strides Made on Climate Fund

Less-developed countries are expected to seek a clearer accounting of the USD30 billion in emergency climate aid, as they fear that bulk of the money is not fresh financing but renamed aid pledges.

>> Of USD30B Climate Aid, How Much is New Funding?

At the conference, the presidents of Venezuela, Ecquador, Bolivia, Nicaragua, Costa Rica, Colombia, Brazil and Guatemala are also expected to push for the interests of nearly 100 small island states and other poor countries in combating climate change, the Guardian reports.

Rich nations, meanwhile, want China, India and other emerging economies to present a better accounting of reducing their greenhouse gas emissions. India is expected to submit a compromise monitoring plan on emissions actions.

The U.S., on the other hand, will pitch an array of Environmental Protection Agency climate regulations and a renewable energy stimulus bill spending at the conference, Politico reports.

“Perhaps what Copenhagen has contributed to this moment, pre-Cancun, is low expectations,” said Sen. Joe Lieberman (I-Conn.), co-author of several unsuccessful cap-and-trade bills. “As a result, we may be surprised by what happens.”

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.