Green Climate Fund Transitional Committee Considers Role of Private Sector
13 September 2011: The third meeting of the Transitional Committee tasked with designing the UNFCCC's new Green Climate Fund made progress on concrete aspects of the functioning of the Green Climate Fund, including broad agreement on the importance of private sector engagement.
Commenting on the meeting, which was held in Geneva, Switzerland, from 11-13 September 2011, UNFCCC Executive Secretary Christiana Figueres welcomed progress achieved, underscoring that the Transitional Committee of the Fund is now "fully on track to conclude the design of the Fund" for approval by parties in Durban, South Africa, at the end of 2011.
She noted the "ambition on the part of governments to create a fund that will reach a scale that is sufficient to put the economic development of their countries onto a low-carbon and climate-resilient path." She further underlined the wish of governments that: the Fund be country-driven and integrated into national development planning processes; and that its resources be long-term to allow for the economic transformation necessary to address climate change.
Looking towards the 17th session of the Conference of the Parties (COP) to the UNFCCC, Figueres stressed the need for parties in Durban to "detail how funding arrangements will link up with the new adaptation and technology institutions in time for their full operationalization in 2012."
The Geneva meeting was preceded by a workshop on the role of the Green Climate Fund in fostering transformational change, engaging civil society and leveraging the private sector, attended by representatives of banks, financial institutions and industry and civil society organizations from both developed and developing countries. [UNFCCC Press Release, 9 September 2011] [UNFCCC Press Release 13 September 2011] [UN Press Release]