Climatico’s delegation has now arrived at the UN Climate Change Conference in Poznan.
This year’s conference has been themed around various issues that the event must tackle: today is Finance day. The UNFCCC daily briefing has just outlined the progress of the finance discussions; as expected, parties appear to have reached broad consensus on the need for financial transfer not only for mitigation but also adaptation.
More interestingly, Yvo de Boer has suggested that the negotiations are moving towards a discussion of how to finance potential adaptation in an ‘equitable way’.
Currently, the adaptation fund is fed by a 2% levy on CDM projects. Yvo de Boer has suggested that this generation could be extended to include Joint Implementation (JI) projects, adding an extra US$0.3-1.7bn by 2020 to the adaptation fund.
On the mitigation front, there appears to be some discussion about the extension of mitigation projects to include CCS in CDM. UNFCCC says it is looking into the use of some small scale pilot projects.
These are both issues still being discussed at present in the negotiations, but are examples of how important finance is becoming in the international climate process. As Mr de Boer has just stated: ‘we need to think hard about deploy the goals we are increasingly agreeing on’.
Information will be forthcoming in the next hour or so on some discussion that is happening about targets and unconfirmed EU statements about emissions levels.