COP 16 Cancun Agreement- REDD, CCS, and a new Green Fund

Posted on December 13, 2010 by

The elements of the the agreement arrived at the Cancún meet are:

• The targets for developed countries are ‘officially’ recognized under the multilateral process. These countries are expected to create low-carbon development plans and strategies. These countries will also judge how best to meet these plans which includes market mechanisms and undertake annual reporting of their inventories.

• Developing country mitigation actions (NAMAs) targeted at reducing emissions will be officially recognised under the multilateral process. An international registry will be set up with the purpose of recording and matching the developing country mitigation actions to finance and technology support. Developing countries are expected to publish progress reports of their activities once in two years.

• Parties continue to meet under the Kyoto Protocol, continuing their negotiations to complete their work and to ensure that there is no gap between the first and second commitment periods of the treaty.

• The CDM has been strengthened to drive more major investments and technology into environmentally sound and sustainable emission reduction projects in the developing world.

• A set of initiatives and institutions has been launched to protect the vulnerable from climate change. These initiatives and institutions will deploy the money and technology for developing countries to plan and build own sustainable futures.

• $30 billion would be the immediate financing from the industrialised countries to support climate action in the developing world up till 2012. The long term intention is to raise this number to $100 billion per annum by 2020 is included.

• In climate finance, a process to has been established to design a GCF ( Green Climate Fund) under the COP. The process will be overseen by a board with equal representation from developed and developing countries.

• The Cancún Adaptation Framework has been established to allow better planning and implementation of adaptation projects in developing countries. This is expected to happen through increased financial and technical support, including a clear process for continuing work on loss and damage.

• To support action on adaptation and mitigation, the Parties have established a technology mechanism with a Technology Executive Committee and Climate Technology Centre and Network to increase technology cooperation .