The climate negotiations in Copenhagen will need to determine how we finance adaptation and green technology for the developing world. To this end, Mexico has been floating a proposal for a World Climate Change Fund for at least a year now.
Some of the ideas and principles driving the Green Fund are outlined in a presentation on Innovative Finance Mechanisms by Carolina Fuentes. She suggests that the fund would have the following advantages:
–Increased access to financial and technical resources
–Expansion of the global mitigation scale, Developing countries will have positive incentives to widen their mitigation efforts.
–Broader participation, The governance scheme of the Fund will be open to all countries.
–A predictable and verifiable regime, activities will be subject to independent supervising.
–Not necessary to demonstrate additionality, since the Fund is not a compensatory mechanism to offset emissions.
Is it a promising sign that the U.S. embassy in Mexico City included the proposed Green Fund in a February memo?