New Climate Finance Tool for developing countries launched in Cancun

To help developing countries make sense of the multitude of funds & instruments available for climate finance a landmark website,www.climatefinanceoptions.org, was launched at the United Nations Climate Conference in Cancun. The UN Climate Change Conference begins in Cancun on 6th December, 2010 and leaders of 194 countries are expected to attend to discuss their future commitments to reduce emissions and take action against climate change. Rich countries had earlier pledged $30 billion to fight the affects of climate change - of which about $4 billion has been earmarked for forestry. In 1992, the UN Framework Convention on Climate Change (UNFCCC) was adopted as the basis for a global response to the problem. With 194 parties, the convention enjoys near-universal membership. The objective of the Convention is to stabilise greenhouse gas concentrations in the atmosphere at a level that will prevent dangerous human interference with the climate system. The convention is complemented by the 1997 Kyoto Protocol, which has 192 parties. Under this treaty, 37 industrialised countries and the European Community have committed to reducing their emissions by an average of five percent by 2012 against 1990 levels. Climate finance issues are high on the agenda in Cancun.  The Climate Finance Options (CFO) web platform, envisioned as the go-to site for information on climate finance will help developing countries in their efforts to identify critical sources of funding to combat climate change. Within the framework of global negotiations on climate change, the World Bank Group and the UN Development Programme (UNDP) have jointly developed the web-based knowledge platform in close cooperation with the UNFCCC Secretariat. The Platform will generate a number of benefits: Improved access to information on climate finance as a basis for more informed planning and decision making by developing country governments; Greater equity in the ability of users from countries and communities with varying levels of capacity to access the system; Useful documentation in preparation of policies related to financing mitigation and adaptation; Greater efficiency in climate finance transactions; Faster deployment of mitigation & adaptation projects; Better coordination among the UN System, MDBs including the private sector, in financing for climate action in developing countries.