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The G-77 + China, achieved financing for developing countries
Posted On 20 Nov 2017
Ecuadornews:
The G77 + China group, which chairs Ecuador, reached an agreement at the United Nations Conference on Climate Change (COP-23), to meet the financing of the rich States to those in development to face the warming of the planet.
After two weeks of negotiations, the summit held in Bonn (Germany) culminated with the decision to move forward in the negotiations of the program for the implementation of the Paris Agreement.
The commitment was accompanied by a recognition that the increase in action and support for developing countries with financing, technology transfer and capacity building to 2020 is the basis for implementing the Paris Agreement in that year.
The negotiations ended with the agreement that the Adaptation Fund, which already exists under the Kyoto Protocol, will also serve to finance the implementation of the Paris Agreement.
This fund is one of the most direct and affordable sources for developing countries to finance their adaptation projects.
At the Conference on Climate Change (COP23), the Foreign Minister of Ecuador, María Fernanda Espinosa, presented the position of the developing countries before a plenary session in which she highlighted the need to advance in the face of climate change, one of the most serious global threats against present and future generations.
On financing, technology transfer and capacity development, he pointed out that a new objective is necessary, based on the insufficient annual budget of $ 100,000 million provided by the Green Climate Fund created in 2009, to reduce emissions and adapt to change climate. At the moment it has $ 6,000 million.
The group that presides over Ecuador valued the advances in agriculture, the development of capacities, gender, education, participation and access to public information; the construction of common metrics and other demands of developing countries. The summit also served to present the Amazonian initiative. (I)
