On Wednesday, the Union’s Finance ministers approved the report regarding fast-track climate financing prepared for the upcoming Cancun conference. The document assesses the progress in delivering the climate aid promised under the Copenhagen Accord over the 2010-2012 period. In particular, the EU was supposed to provide €7.2 billion, as a share of the $30 billion promised by developed to developing countries. According to the draft report, the EU will miss by little the target for this year – €2.4 billions – as only €2.2 billion has been delivered.

The fast track-track financing supports adaptation, (€735 million), mitigation (€1,06 billion), reductions in emissions from deforestation and forest degradation in developing countries (€362 million), technology cooperation and capacity-building, including Monitoring reporting and verification (MRV) and the design of mitigation measures. The financing went through both bilateral (42.5%) and multilateral channels (such as the Climate Investment Funds, the Global Environment Facility, the Adaptation Fund, the Least Developed Countries Fund, the Forest Carbon Partnership Facility, and the Multilateral Development Banks.)

The fast-track finance report can be found at: http://register.consilium.europa.eu/pdf/en/10/st15/st15889.en10.pdf

Climate Policy News

• This news is extracted from the Climate Policy News : a CMCC weekly column that summarises the latest news on international climate change agreements, the updates on the carbon market and the energy and technology updates in the realm of climate change. Go to the web page and see all previous issues since March 2007.
• This week: Finance ministers adopt climate-financing report; Canadian Senate blocks climate bill; China: afforestation trading scheme; How to halve US power-sector emission; the carbon market this week – Download the November 15-21, 2010 Newsletter [pdf 121 kb]