Green Climate Fund

Developing nations, led by China, are demanding a detailed timetable for the USD100 billion a year in climate aid that is to be made available in 2020 and beyond under the Green Climate Fund agreed at the 2009 COP15 climate conference in Copenhagen.

The Board of the Green Climate Fund agreed on Saturday that Songdo, South Korea, be the permanent headquarters of the Fund, beating out Germany, Mexico, Namibia, Poland and Switzerland for the highly coveted position.

Vietnamese Prime Minister Nguyen Tan Dung has asked the Ministry of Natural Resources and Environment to set up a national Green Climate Fund to facilitate future financial flow from the global Green Climate Fund into the country.

In a move to make its position in crystal clear at the COP17/CMP17 United Nations Climate Change Conference 2011, which starts in Durban next week, China State Council has issued white paper that summarizes the country past efforts reduce greenhouse gas (GHG) emissions and lays out its road map for green development over the next five years. It has also underlines China's demand that the talks to come up with “three” tangible results. To those familiar with China's effort to reduce energy consumption per unit of GDP in the last five years and the measures being put in place under the 12th Five Year Plan through to 2016, the contents of the white paper contains no great surprises.

Reflecting profound concerns of developing countries, a new report has strongly criticized The World Bank Group for promoting false solutions to climate change, such as carbon trading, mega-dams, agro-fuels and industrial monoculture tree plantations.