There is much speculation on whether the European Union will make good of its pledge to provide its fair share for the Green Climate Fund.
The 27-nation bloc committed to providing roughly $7.2 billion euros (9.4 billion) for the fund until 2012. But a draft document for the EU ministerial meeting May 15 is bare on details for 2013-2020, Reuters reports.
The draft contains no specifics on how much money the European Union will provide after 2012, only saying there is a need to “scale up” climate finance for the said years. It is also unclear where money for the fund will come from. The draft says the private sector’s contribution to the fund also needs clarification.
Martin Lidegaard, Denmark’s minister for climate and energy, said the bloc will have to explore public and private financing, but said there are areas where “only public funds will do.”
Donors, including the European Union, pledged to provide $100 billion annually to 2020. The fund, signed at the Durban climate talks last year, aims to strengthen developing countries’ resilience to climate change.
Tony deBrum, minister in assistance to the president of the Marshall Islands, a small island state vulnerable to rising sea levels due to climate change, said the climate fund is a “matter of survival of a people,” Reuters reports.
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