By Makereta Komai in
for Climate Pasifika Bonn, Germany
01 June 2010
Bonn, Germany --- Australia is one of the first countries to make available short term climate change funding, as promised by industrialised nations in . Copenhagen
The first tranche of $355.4 million was announced in
Tuesday at the beginning of the climate change talks. Bonn
Of these funds, $178 million will go towards international climate change adaptation, targeting Least Developed Countries (LDCs) and Small Island Developing States (SIDS), which have limited capacity to adapt to the adverse impact of climate change.
Another $9 million will go towards the replenishment of the Least Developed Countries Fund (LDCF), a financing mechanism set up under the United Nations Convention on
Climate Change (UNFCC).
announced an allocation of $375 million in 2010 to Climate Investment Fund and a further $50 million for the replenishment of the LDC Fund. In the 2011 budget, it has set aside $1.4 billion, a 40 percent increase in additional funding to climate change. United States
“Contributors to the fast track funds should be sincere and not just change the label of the funds to fulfil the pledge made in
Developed nations promised to deploy US$30 billion in short term financing from 2010-2012 to kick-start climate change action in developing countries.
“These funds are indeed important for the survival of small island developing states, as explained to us by the representative of
, on behalf of small island states,” pleaded a Chinese official in his intervention on the chair’s proposed text. Grenada
Despite the flow of kick-start funds for climate change, there is still no clear guideline on who is to manage and disburse the funds.