27th CONFERENCE OF THE PARTIES (COP27) OF THE UNFCCC
STATEMENT OF DR. CARLOS CORREA, EXECUTIVE DIRECTOR OF THE SOUTH CENTRE
We all are aware of the magnitude of the climate crisis the world is facing. We are also aware that its impact is not the same for all countries and populations. The disasters we are witnessing affect most severely developing countries which historically have not been responsible for the emissions that put at risk the life in the planet. Those countries, the most affected, have the lowest capacity to address the devastating effects of climate change events and to adapt to and mitigate them.
Climate change is a cross-cutting issue. However, the international system operates in silos and has been incapable of ensuring the adoption of the multiple and coordinated policies necessary to address it. The South Centre, as an intergovernmental organization of developing countries, attaches particular importance to and focuses its work on the intersection of climate change policies with other policy frameworks.
Understanding the Main Elements for an Operational Definition of Climate Finance
By Luis Fernando Rosales Lozada
An operational definition of climate finance could contribute to facilitating access of developing countries to needed public and private financial resources to support them on climate action required to face the climate crisis and its impacts. The climate finance definition adopted by the UNFCCC Standing Committee on Finance in 2014 aimed to clarify the goals of climate finance, but it has not solved the main questions about climate finance. Although agreeing on an operational definition of climate finance in the multilateral negotiations may facilitate the flows of climate finance, achieving an outcome still faces some obstacles.
It is urgent for developing countries’ government officials and delegations to be aware of the different elements that need to be considered to achieve an appropriate definition. This policy brief analyses the different elements to be considered in the negotiation of an operational definition of climate finance, that can be effective in promoting developing countries’ interests in the context of the current international framework to address climate change.