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Representatives from Developed Countries Discuss Fast-Start Finance

enbots-event112 November 2013: The UN Framework Convention for Climate Change (UNFCCC) Secretariat organized a side event on 'Fast-Start Finance - Lessons Learned 2010-2012,' during which representatives from a number of developed countries discussed their efforts related to fast-start finance.

Halldor Thorgeirsson, UNFCCC Secretariat, opened the event and underscored the ongoing constructive dialogue on fast-start finance, noting lessons learned and introducing the “Fast-Start Finance Information Document” (FCCC/CP/2013/INF.1). Moderator Herman Sips, the Netherlands, welcomed participants, saying there is growing experience and understanding of fast-start finance and asked panelists to share their experiences.

Among the panellists, Dan McDougall, Canada, highlighted, inter alia, the: increased development of innovative and effective financing instruments to target country and investor needs; presence of a growing pipeline of bankable projects to attract investment; and strong support for transformational projects. Stefan Agne, European Commission, discussed allocation of EU fast-start finance. He stressed the importance of: country leadership; coordination; financial institutions and the private sector's role in scaling up climate finance; and coherent reporting.

Anna Pála Sverrisdóttir, Iceland, said the funding primarily focused on the most vulnerable countries and addressing gender aspects of climate change. Hiroshi Minami, Japan, highlighted the US$13.5 billion provided from 2010-2012. He stressed that only 16% of funding went to assist vulnerable countries, noting the need to mobilize public funding to vulnerable countries and provide capacity building.

Jo Tyndall, New Zealand, proposed a non-binding Warsaw Partnership for Effective Climate Finance that would: encourage and support countries to set their own strategies; align behind these priorities; deliver in coordinated ways; enable outcomes to be measured, reported and verified (MRV); and not displace private-sector investment. Aslak Brun, Norway, noted that Norway provided US$2.3 billion, calling for uniform and comparable reporting.

Franz Perrez, Switzerland, said they contributed US$150 million. He highlighted the utility of a fair burden-sharing formula, and the importance of: mobilization of other sources of financing for climate change; responsiveness to developing countries' priorities; and increased clarity about action and the effectiveness of finance in recipient countries. Trigg Talley, US, said the US provided US$7.4 billion in fast start finance. On lessons learned, he discussed the need to use a range of channels and tools to deal with the complex needs and requirements of various sectors and countries, stressing that countries at different levels of development require different types of assistance. [IISD RS ENV video on side event on fast-start finance][IISD RS ENBOTS coverage of the side event on fast-start finance]