$100bn Green Climate Fund Future to be Decided at Bali Summit

Feb 20th, 2014 | By | Category: Financing, News

800px-Tanjung_Benoav2-340x255Green Climate Fund (GCF) board members are meeting in Indonesia this week to draw up and clear action plan to raise $100 billion a year for low carbon investments in developing countries.

A crucial meeting in Bali, Indonesia this week will bring diplomats together with the aim of finalising a plan for the $100bn United Nations-backed initiative.

The aim of the Fund is to help drive low carbon investments and clean energy solutions in developing countries and board members met in Bali on Wednesday to open the three-day meeting.

They will debate the future of the fund and set out key mechanisms to allow funding to begin.

At the Warsaw UN Climate Change Conference in November, world leaders agreed that the fund would become operational in late 2014, and they also invited participation from the private sector as well as governments.

Board members are now working on an action plan that will be presented in the build up to the next major climate summit in September which will aim to induce fresh new commitments of funding from world leaders. The September meeting will also help to lay the groundwork for the 2015 Paris conference at which global and binding agreements are due to be reached.

Progress on agreeing how the funding will be mobilised and allocated has so far been slow, with countries divided on the extent of private sector contributions and the role of mechanisms such as carbon pricing.

and is seen as a vital part of UN plans to curb rising levels of greenhouse gas emissions in developing countries.

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