Policy ForumENVIRONMENT AND DEVELOPMENT

Preparing to Manage Climate Change Financing

Science  18 Nov 2011:
Vol. 334, Issue 6058, pp. 908-909
DOI: 10.1126/science.1211886

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Summary

At the 2010 Cancun Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), the international community agreed in principle to one of the largest development programs in history. The developed nations pledged to mobilize U.S.$100 billion per year by the year 2020 to “address the needs of developing countries” in responding to climate change (1). The funds, which may apply to adaptation and mitigation, are proposed to flow through multiple channels, including existing development banks, official development assistance, bilateral programs, international private investment flows (e.g., carbon markets), and other public and private mechanisms. Recommendations provided by a transitional committee for the management and operation of the proposed climate change financing will be considered by the parties to the UNFCCC at the upcoming conference in Durban, South Africa (2).