A big part of the discussions over the past two weeks at the United Nations' climate change summit, COP24, focused on finance. It was one of the contentious and drawn out topics at the negotiations. Carlos Fuller says the final document has some positive outcomes on finance. He tells us more.
“There was some positive outcomes where finance is concerned; one of them being that starting in 2020, developed countries will give an indication of how much finance they will be providing; which instruments they will be using; which regions they are going to be focusing on; what countries they are going to target and what sectors they are going to provide funding for," Fuller said. "So, they will be giving indication every two years about what they will be providing every two years, which is something we have been asking for. Because countries can then plan based on what they know is coming towards them. Secondly, starting 2020, parties will agree that they will start to begin planning on the next target of global financing which will begin in 2025. So, right now the target is by 2020, we would have one hundred billion US dollars worth of funding for climate change and by 2025 we will have a new target with the one hundred billion being the ceiling and then going above that.”