FOR IMMEDIATE RELEASE:
December 11, 2010
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Cancun Package Infuses Much-Needed Momentum Into Climate Talks
Green Fund, Technology Transfer Mechanism, and REDD + All Move Forward in Cancun
Cancun, Mexico – Negotiators in Cancun have adopted a balanced text that contains important provisions on adaptation, REDD +, Technology Transfer and the much heralded Green Fund. In doing so, countries have demonstrated the ability of the UNFCCC to deliver under pressure, while creating positive momentum moving forward. The agreement did not close the gap between the commitments countries have made to slow climate change and what is necessary to stave off dangerous levels of warming; that task is left for the next round of talks in South Africa.
“This outcome represents a shift toward a more productive negotiating dynamic that can help build trust for the bigger and harder decisions that lie ahead,” said John Coequyt, director of international climate programs at the Sierra Club. “This was an incredibly important meeting, and Mexico, China, India, Brazil, the US and many other key countries came together to make it happen.”
The most significant piece of the package is the establishment of a new Green Fund which seeks to mobilize $100 billion per year through a variety of financing sources. In combination with a technology transfer mechanism the world is now on track to rapidly finance and deploy environmentally friendly technologies to avoid locking in energy intensive infrastructure around the world.
The fund, which invites the World Bank to serve as interim trustee, has now put pressure on the institution to live up to this important role. “It is incredibly important that the Bank demonstrate a commitment to climate finance by phasing out fossil fuels in its core portfolio. Doing so would send a very important signal that it will carry this mandate out in good faith,” said Coequyt.
For more information visit http://action.sierraclub.org/site/DocServer/World_Bank_Energy_Fact_Sheet_11-27-10.pdf