MEF sends mixed signals, but still hope for Copenhagen
- 20 October 2009
by Mark Kenber
Policy Director, The Climate Group
The latest round of talks between representatives of the heads of government of the world's seventeen largest economies ended in London yesterday with an upbeat communiqué but recognition from several participants that there are still major obstacles to agreement on a new climate deal in Copenhagen later this year.
With less than two months and only five formal negotiating days to go until the close of December's climate summit, despite the "narrowing of differences" that took place over the two days of MEF discussions, differences remain on some of the core issues, not least countries' commitments to cut their emissions.
On another crucial issue, however - how the deal will be financed and, in particular, the funding that will be made available to developing countries for both mitigation and adaptation - it seems that progress was made.
Echoing recent calls by investors [see, for example, the IIGCC Investor Statement, wef task force report] and papers by Lord Stern and others, MEF officials recognized that funding needed to be scaled up rapidly and that both public and private financing - with the former acting to leverage the latter - would be necessary.