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Concern over climate finance transparency

  • Published at 02:06 am November 14th, 2016
  • Last updated at 02:13 am November 14th, 2016
Concern over climate finance transparency
They also emphasised on transparent accounting system, accountability of both developed and developing countries and more clarity over “cross cutting” funding – as most of the funding goes for mitigation under this deal. Dr. Romain Weikmans from Free University of Brussels said: “It is a collective failure of global leaders as they failed to ensure transparency in mobilising climate finance under the Paris Agreement as there is a mismatch in defining climate finance.” According to the Paris Agreement, the developed countries will meet the $100 billion per annum target by 2020 and extend it until 2025 in the context of meaningful mitigation actions and transparency on implementation. It also said that prior to 2025, the COP 22 will set a new collective quantified goal from a floor of $100 billion per year, taking into account the needs and priorities of developing countries. Regarding this, M Zakir Hossain Khan from Transparency International Bangladesh said: “The road-map which the developed countries tabled in COP22 could not clarify how far the adaptation finance will be adequately scaled-up, which portion of claimed climate finance will be actually grants or grant equivalent and how countries which are most climate vulnerable will get priority in funding considering the institutional challenges.” He also emphasised on transparency and accountability of delivering funds to developed countries - as Bangladesh is running out of adaptation finance severely. Dr Fazle Rabbi Sadeque Ahmed, a negotiator of Bangladesh, expressed his concern over mobilising mitigation finance in the name of cross cutting funds as it will hamper the interest of developing and vulnerable countries. In addition, Zakir Khan emphasised on complying with governance, environmental and gender related standards on fund utilisation by developing countries. TI representatives from Peru, Maldives and Bangladesh, and Ian Tellam from Adaptation watch were also spoke during this programme.