News

South Centre Releases Report on Climate Change Financing

January 2009: South Centre, an intergovernmental think tank of developing countries, has released a report entitled “Developed Country Climate Financing Initiatives Weaken the UNFCCC,” which examines the level and delivery vehicles of public financing for climate change actions in developing countries from Annex I parties of the UNFCCC.

The report argues that, as it is currently available, public financing from these developed countries falls far short of what is needed, shows preference for non-UNFCCC delivery vehicles, and is essentially double-counted as compliance by these Annex I parties with their official development assistance and climate financing commitments. It concludes that existing modalities under which climate financing is being provided by developed countries are weakening the UNFCCC and recommends that developed countries should adhere to their treaty-based obligations and act in a manner that is consistent with, and supports the objectives of, the UNFCCC. [The Report]