Informal consultations on green climate fund underway at COP17

Abstract

The President of COP 17 launched informal transparent and inclusive consultations with Parties on the establishment of a Green Climate Fund underway at COP17. The report was presented by one of the co-chairs of the Transitional Committee, who is also the former South African Minister of Finance. It contained recommendations on the operations of the Fund including its governance, on contributions to the fund and eligibility for disbursements, legal instruments, etc., according to the Information and Communication Service of ECA. All parties at the talks agreed that the Fund will be a very important instrument in fighting climate change impacts and it must be established as soon as possible. Many delegates were also convinced that agreement must be reached on establishing the Fund during COP 17.