The future of renewables and infrastructure financing — from political decision to implementation
At the 15th Conference of the Parties (COP) of the UNFCCC in Copenhagen in 2009, attending governments, in the presence of heads of state and government such as President Barack Obama, Chancellor Merkel, Premier Wen Jiabao of China and Prime Minister Manmohan Singh of India, negotiated the so-called Copenhagen Accord, which aimed at setting a new framework for international cooperation related to climate change.
One of the key outcomes in the Copenhagen Accord was the reference to a new fund, whereby “developed countries commit to a goal of mobilising jointly USD 100 billion dollars a year by 2020 to address the [climate change related] needs of developing countries.” and agreed that “[A] significant portion of such funding should flow through the Copenhagen Green Climate Fund.”
In subsequent meetings, it was agreed that the fund will be governed and supervised by a board with 24 members, composed of an equal number of members from developing and developed country Parties that will have full responsibility for funding decisions. The Board will be supported by an independent secretariat and a trustee with administrative competence to manage the financial assets of the Fund…
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