A Green Climate Fund, says AWG-LCA Draft of 4 PM Today

Paragraph 102 in LCA Draft: Text Calls for Green Climate Fund

I fought off packs of wilding diplomats and dispatched with a “hey, wait a second” a sneaky fellow in a three-piece who cut in front of me and the 75 others behind me when I looked away for a moment while waiting in the building-long line to get my hot copy of the AWG-LCA (Advanced Working Group Long-term Cooperative Action) draft that was released late this afternoon. The “Green Climate Fund” is there at page 18, line item 102: “Decides to establish a Green Climate Fund, to be designated as an operating entity of the financial mechanism of the Convention under Article 11…” Magical words; of course the plenary hasn’t voted to adopt them or any of it just yet.

The Fund is to be governed by a 24-member board, 12 from developed nations and 12 from developing nations. There is to be an interim trustee: the WorldBank. The language says though, paraphrased in rough language, that the board calls the shots and the trustee is just holding the money. To consider the finance is one of the the main reasons I came down here, and these simple paragraphs middle of a dual-stapled 32 page handout are really exciting to me. I’ll see if I can snap a picture.

Now, nothing here says the Fund is to be $100 billion unto itself by 2020. But the document is very suggestive, given the Copenhagen Accord context and reference to “significant share of new multilateral funding,” that the fund is to be substantial. I’m pleased about it, of course perhaps someone will accidentally hit delete on the whole section.

There’s also the “Technology Mechanism” decision on page 20, at line item 117. That’s to come with a Technology Executive Committee, and –this is just wonderful– a “Climate Technology Centre and Network.” That’s good for now, I’ll evaluate this more later. Yes, like I say, my optimism about this could be entirely crushed later, but it seems like the incremental steps on funding and tech transfer could be successfully materializing. Kyoto Protocol negotiations are not doing as well. Not sure about REDD-plus.