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Climate Policy Expert Calls Lack of Money "Elephant in the Room" at Climate Finance Meeting
October 4, 2013
EXPERT AVAILABLE – Green Climate Fund – 4 Oct, 2013
Oscar Reyes, Associate Fellow, Climate Policy Program
Institute for Policy Studies – www.ips-dc.org
mobile: +34 644 139 190, email: email@example.com, twitter: @ClimateMarkets1
The Green Climate Fund was established to provide money for climate adaptations to developing countries
The fifth meeting of the Green Climate Fund (GCF) Board will take place from 7 to 10 October in Paris, hosted by the French Ministry of Finance, Economy and Industry. Oscar Reyes, Associate Fellow on the IPS Climate Policy Program, will be in attendance and is available for expert commentary.
Reyes will be tweeting from Paris at @ClimateMarkets1
A media background briefing on the GCF, with basic background information on the Fund and identifying the key issues for the Paris Board meeting, can be found here.
Prior to the Paris meeting, Reyes commented:
“‘Where is the money?’ – That is the elephant in the room in discussions about the Green Climate Fund, and it looms large over its next Board meeting in Paris.
The GCF should be at the center of raising the more than $100 billion per year promised by developed countries to help communities in developing countries that face the worst impacts of climate change. It should be looking at how to harness innovative funding approaches like a Financial Transaction Tax to reach that target. Instead, we’re faced with more delays, a lack of a clear financing strategy, and a lack of money. To say this is an inauspicious start is an understatement.”
The Green Climate Fund was established as a financial mechanism whose main purpose is to implement the United Nations Framework Convention on Climate Change (UNFCCC).
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For more background information: www.climatemarkets.org
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