Warsaw COP19 Outcomes and Implications of Climate Finance

Jin-Young Moon () and Sung Hee Lee ()
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Jin-Young Moon: Korea Institute for International Economic Policy
Sung Hee Lee: Korea Institute for International Economic Policy

No 14-7, World Economy Brief from Korea Institute for International Economic Policy

Abstract: The 19th Conference of Parties and 9th Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol (COP19/CMP9) of the United Nations Framework Convention on Climate Change (UNFCCC) took place from 11th to 23th November, 2013 in Warsaw, Poland. Key agenda items related to climate finance discussed at the COP19 includes the Work Programme on Long-term Finance (hereinafter the LTF), guidance to the Green Climate Fund (GCF) and the 5th review of the financial mechanism. Contrary to developing countries that repeatedly underscored the predictability of climate finance and responsibility of developed countries, developed countries rather focused on the role of public finance in mobilizing climate funds from private sources and promotion of enabling environment in developing countries. Since the conflicting interests between developed and developing countries on the subject of climate finance mobilization and deployment made it difficult for the COP19 to reach meaningful agreements, political coordination between the two groups is a prerequisite to mobilize scaled-up climate finance. Biennial reports to be submitted by developed country Parties and the SCF, respectively, in 2014 will play a pivotal role in enhancing the transparency of climate finance flows. At the high-level ministerial dialogue on climate finance during the COP19, some European countries pledged to make contributions to the GCF once the initial resource mobilization process of the GCF is finalized. However, in order to build a more stable financial basis for the GCF, the range of the discussions and negotiations among the Parties should include not only the operation of the GCF but also the long-term finance issue as a whole.

Keywords: Climate Finance; Green Climate Fund; Climate Change (search for similar items in EconPapers)
Pages: 5 pages
Date: 2014-02-14
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