NEWS & EVENTS : GENERAL INFORMATION
Finance Portal for Climate Change : Fast-start Finance module
09.30.2011
The newly launched Fast-start Finance (FSF) module of the Finance Portal for Climate Change now presents the first reports submitted by developed country Parties containing information on the resources they provided so far in relation to their FSF commitments. The module also contains presentations given by some developed country Parties during an information event on FSF during the second part of the 14th Session of the AWG-LCA in Bonn in June 2011. Apart from this, the module also contains further useful links on the issue of FSF.
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Fast-start Finance is the term used to describe the collective commitment by developed country Parties to provide new and additional resources, including forestry and investments, approaching USD 30 billion for the period 2010 - 2012 and with balanced allocation between mitigation and adaptation.
This commitment was agreed to during COP 15 in Copenhagen in 2009 and taken note of during COP 16 in Cancun in 2010, with a clear prioritization of the most vulnerable developing countries.
Furthermore, in this decision the COP invited developed country Parties to submit information on the resources provided to achieve this goal, including ways in which developing country Parties can access these resources, by May 2011, 2012 and 2013.
In this context, the first version of Finance Portal for Climate Change was designed in response to a mandate by the Conference of the Parties (COP), requesting the secretariat to collect information on activities funded in developing countries to implement the Convention. This portal will help to achieve the following key objectives:
Assisting Parties in monitoring the financial mechanism of the Convention, in particular through the provision of information on bilateral, multilateral and regional resources provided by developed country Parties to developing countries; and
Informing the intergovernmental process under the UNFCCC and relevant stakeholders on the mobilization of resources to support developing countries in the implementation of their commitments under the Convention, in particular with regard to the preparation of national communications
A side event on the issue of FSF will be held during the third part of the 14th Session of the AWG-LCA in Panama in early October 2011. This event aims to give developed country Parties the opportunity to present their major lessons learned from the first period and the first reports on their FSF contributions, as well as to identify major obstacles or potentials for improvement discovered during this first period.
Based on this, developing country Parties will have the opportunity to ask questions in order to facilitate a productive dialogue on refining the issue of FSF. This could assist efforts by developed country Parties to incorporate some of the lessons learned into the next cycle of their FSF, as well as foster closer cooperation between donor and recipient countries.
Further information:
http://unfccc.int/press/news_room/newsletter/items/6163.php
