The Copenhagen Accord states that developed nations must provide ‘new and additional resources, including forestry and investments approaching US $30 billion for the period 2010 to 2012 with balanced allocation between adaptation and mitigation […] In the context of meaningful mitigation actions and transparency on implementation, developed countries commit to a goal of mobilizing jointly US $100 billion a year by 2020 to address the needs of developing countries.’
However, the International Institute for Environment and Development’s paper, ‘Copenhagen’s climate finance promise: six key questions’, stresses the need for greater transparency and specificity.
The agreement does not locate where climate change and development aid will overlap, from which year US $100 billion would be additional to the initial donation rate, nor who will be responsible for deciding and finalising these details. It is important that the climate change finance does not eat into aid which would previously have been earmarked for other areas such as health and education. Decisions will have to be made in order that the process of assistance surrounding the Copenhagen agreement is transparent and understood by both donor and recipient countries.
To read the paper, click here.