Most Vulnerable Nations Call for Financing Reforms

After a somewhat sleepy day yesterday, the discussions at COP15 are picking up in passion and intensity.  In this morning’s Plenary I (a meeting of the Subsidiary Body for Implementation or SBI), one of the main topics was the status of the Global Environment Facility, i.e., one of the most important mechanisms for financing climate-related projects in the developing world.  A representative from the GEF (pronounced “Jeff”), which is implemented by the World Bank, recited a litany of successes, touted the billions of dollars spent to date on climate-related projects, and identified the many tons of CO2 emissions reduced or avoided.  He also acknowledged the need for reforms in the GEF and outlined a number of key reforms that are already underway.  In response, delegates from numerous developing countries commended the managers of the GEF for their efforts at reform.  However, many of these delegates, particularly those from the least developed countries (known as “LDCs”) such as Sudan, Nicaragua, Benin, Iraq, Antiga & Barbuda, passionately and firmly called for more fundamental and extensive reforms.  Continue reading