UNFCCC Cancun Conference Commitment - New Technologies

Event/initiative: 
Date of commitment: 
December 2010
Related commitment: 

Commitment

Reaffirmed previous commitment in Copenhagen of $30 billion in fast start finance until 2012 and $100 billion per year by 2020 in long-term funds to support climate change action in the developing world. Industrialized countries also pledged to increase transparency by making information available on these funds.
A process to design a Green Climate Fund under the Conference of the Parties and New Technology Mechanism is established, to be completed in 2011.

Target

Financial commitments targets are not new. See related commitment above.

Progress

  • See the Copenhagen Accord
  • The Green Climate Fund has received pledges from several countries, including the Republic of Korea, Germany and Denmark towards its start-up costs and a management framework has been adopted to make the Fund fully operational in 2012.
  • Further arrangements have been made to make the Technology Mechanism, established to facilitate action on technology transfer, operational in 2012.
  • More progress was made towards operationalizing the Green Climate Fund and technology Mechanism, providing long-term finance for developing countries at the Doha Climate Change conference in 2012.

Gap

  • See the Copenhagen Accord
  • Green Climate Fund and Technology Mechanism did not become operational by 2012.
  • Current information on financing needs for mitigation and adaptation to climate change in developing countries is limited.

Additionality

Commitments to finance are not new; see the Copenhagen Accord