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It is raining — finance proposals — in Copenhagen….

It is raining in Copenhagen — the normal watery stuff, but also finance proposals, albeit of the non-official, imaginary „non-paper“ variety. But these are sometimes helpful to test the depth of the negotiation waters, to stay with the H2O analogies.

Just yesterday, the „non-paper“ of the UK, Mexico, Australia and Norway made the rounds in the Bella Center with the proposal for a new global Climate or Green Fund.

SorosAnd today, Mr. „I-know-a-good-deal-in-finance- when-I-see-it“ George Soros, the legendary billionaire investor, who know heads the Open Society Institute, rushed through the Copenhagen Conference Center (flanked by a security detail that would make some heads of state blush with envy) to present to the delegates and the world a proposal to generate an additional $100 billion for climate change relief, just like that.

Both proposals, in substance, provide not too much that is entirely new, but — in the green spirit — recycle and repackage some ideas tossed around during the past year or so of global discussions about climate finance to maximum effect and best re-use. And they aim to stir up the finance debate in Copenhagen at a critical time in the negotiations by showing some innovative thinking and daring that official submissions up to now lack.

The joint non-paper by four countries, attesting to what could be an emerging consensus by a larger number of countries, uses elements of prior individual proposals for new innovative climate financing instruments by the UK, by Mexico, and by Norway. It contains elements of a Norwegian proposal on auctioning allowances to be issued under any Copenhagen agreement, picks up on an earlier Mexican proposal for a Global Green Fund, and throws in, for good measure, a proposal for the use of maritime and aviation levies to generate the revenue needed to fund developing countries‘ mitigation and adaptation efforts.

The paper proposes at least 50% of all money in a new global green fund to be spent on adaptation measures and recommends direct access for countries to these funds — where fiduciary standards allow it. But it also suggests the use of existing bilateral, and primarily multilateral channels in order to fast-track funding, including a reformed Global Environment Facility (GEF), but also the World Bank and multilateral development banks.

The Soros proposal wouldn’t even think up new taxes for a new global green fund, but work with existing global financing arrangements — albeit better known from the world of the financial, not the climate crisis. These resources, hough technically not funds in the traditional dollar-and-cent-sense, are already committed, collected and set aside in the form of the Special Drawing Rights (SDRs), the global reserve asset created and managed by the International Monetary Fund (IMF).

Just a few months ago, the IMF issued some $283 billion worth of SDRs as one of its measures to deal with the global financial crisis. According to Soros, $150 billion of these sit largely unused in the treasure chest of the 15 largest developed economies and could be donated to a new green fund.

Sounds…..good? Well, the devil might be in the detail…. (not all of which have been studied yet). Under the Soros proposal, SDR-financed climate funding would be largely in form of loans with projects heavily focused on the carbon market. The four countries‘ non-paper proposal at least allows for some grants in addition to concessional loans. And both fund proposals assign an important role for the International Financial Institutions — a suggestion which, at least for the G77 + China, and many climate justice activists from around the world, sounds more worrisome than encouraging….

Picture used under creative commons license; source: www.infowars.com/images/soros2.jpg

Dieser Artikel wurde unter Klimawandel kategorisiert und ist mit , verschlagwortet.

Diskussion

  1. Es gibt eine neue Onlinekampagne der Menschenrechtsorganisation FIAN, die unter anderem auch eine menschenrechtskonforme Gestaltung des Green Climate Fund fordert:

    “FIAN Deutschland fordert von der Bundesregierung ein stärkeres Engagement für die Menschenrechte im Klimaschutz. Klimapolitik darf nicht zur Verletzung von Menschenrechten führen.

    Daher fordert FIAN von der Bundesregierung:

    1. rechtlich verbindlich festzuschreiben, dass die Menschenrechte bei der Durchführung von Klimaschutzmaßnahmen unbedingt respektiert werden müssen. Die lokale Bevölkerung muss in die Projektentwicklung eingebunden werden und die Respektierung ihrer Menschenrechte muss verbindlich von externen Gutachtern überprüft werden.

    2. dass sie sich für die Verankerung strikter Menschenrechtsklauseln für die Maßnahmen einsetzt, die in Zukunft durch den Green Clinate Fund finanziert werden sollen.

    Es geht also um einen besseren Menscherechtsschutz, sowohl bei Klimaschutzprojekten zur Minderung des CO2-Ausstoßes, als auch bei der Finanzierung von Maßnahmen zur Anpassung an die Auswirkungen des Klimawandels.”

    Unterzeichnet die Online-Petition!
    http://www.klimaschutz-ist-menschenrecht.de/petition

    Sagt es Euren Freunden auf Facebook weiter!
    http://www.facebook.com/profile.php?id=100000815140610#!/klimaschutzistmenschenrecht

    Besucht den Klimaschutz-ist-Menschenecht.Blog!
    http://www.klimaschutz-ist-menschenrecht.de/blog

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