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UN unveils web site for following climate funding

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The UN has launched a new web site designed to track climate funding commitments from industrialised countries. It has done so in a bid to boost confidence that developed economies are delivering on their commitment to provide $30bn (£19.4bn) in “fast-start” funding to help poorer nations combat climate change.

The Netherlands-hosted site, titled FastStartFinance.org, was unveiled at a meeting of about 45 nations in Geneva.

The site will allow industrialised countries to provide data on their climate funding initiatives. So far six European donors, including the UK and Germany, have detailed their fast-start funding commitments, providing information on 27 recipient nations.

The $30bn fast-start funding was one of the central commitments of the agreement hammered out at last year’s Copenhagen summit and its delivery is being seen by developing countries as a key test of industrialised nations’ commitment to the deal.
Diplomats hope that the provision of $30bn of “new and additional” funding will help to boost trust between the two parties and may serve to break many of the deadlocks that continue to mar the negotiations.

However, concerns remain among poorer countries over the extent to which the funding committed to date has been diverted from other aid budgets. A recent analysis from Reuters suggested that industrialised countries had already pledged funding equal to the $30bn target, but it is unclear how much of the funding is new.

Article Via BusinessGreen

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