FEMM Discusses Climate Change Financing Options

FEMM Discusses Options To Access Climate Change Financing

Alofi, Niue, 27th October, 2010

The 14th Forum Economic Ministers’ Meeting (FEMM) which got underway in Alofi, Niue today will discuss options for the Pacific region to improve access to, and management of, climate change financing.

The Copenhagen Accord has laid the foundation for the post-2012 climate change financing framework. Developed countries have committed to a goal of mobilizing US$100 billion annually by 2020. Developed countries also agreed to scale up new and additional resources to a level approaching US$30 billion for the period 2010 – 2012. While improved access to increased resources is important, so too is the ability to effectively manage and implement current and future resources.

At their meeting in Vanuatu in August of this year, Pacific Islands Forum Leaders tasked the FEMM, Environment Ministers and Executives of the Council of Regional Organisations of the Pacific (CROP) agencies to advise on options to improve access to, and management of, climate change resources. Leaders also tasked the Forum Secretariat to work with relevant organizations to develop mechanisms to assist countries access the different international financing options for climate change. They further agreed that regional coordination of climate change financing under the Cairns Compact will be critical to the effectiveness of aid delivery and utilization.

The paper, compiled by the Forum Secretariat, draws on the experience of the region in accessing and implementing climate change resources at a national, sub-regional, regional and multi-lateral level.

The paper also indicates some preliminary options for further analysis at the national level including direct budgetary support, national trust funds, and the coordination of donors more effectively at the national level .It also discusses regional and multilateral options.

“Regardless of the ultimate approach taken, a thorough review is required of the necessary country and regional technical assistance and coordination requirements for policy analysis and proposals, national planning and implementation capacity and capabilities in the distribution of funds in the Pacific region,” the Forum Secretariat paper stated.

The paper added: “Some FICs already have experience in accessing various funds, and there are ongoing efforts to improve capacity, fill data gaps, improve policy coordination on climate change in most countries. It will be important to gather this information and bring on board all relevant stakeholders to ensure that existing knowledge and lessons learned are well incorporated into future engagement.”

The paper identified that the CROP High Level Sub-Committee on Climate Change has been established and may be the appropriate place to start to further discuss the issue of regional coordination in relation to climate change funding and initiatives.

The FEMM in Niue is expected to make a decision on supporting further work by the Secretariat on the way forward on the issue in collaboration with other agencies and partners.

The Forum Economic Ministers’ Meeting concluded its plenary session today and the Ministers will go for their retreat tomorrow.

ENDS.

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