The World Resources Institute recently released updated estimates of the “fast-start” climate mitigation and adaption commitments rich nations made to poor countries after the Copenhagen summit. The headline figures are pretty impressive: Developed nations have set aside an estimated $27.9 billion, a combined total that is only $2 billion shy of the amount they promised between now and 2012. Environmental think tank WRI was quick to note that “while this represents a significant step in the right direction, developed countries still have much to do in meeting their Copenhagen fast-start pledge.” With unprecedented costs of combating climate-related disasters in Pakistan and Russia, one must ask, is this pledge a big enough step?
Fast-start money matters
First a bit of background: The fast-start pledge was only intended to help fund poorer, more vulnerable countries’ climate efforts from now through 2012, when the Kyoto Protocol is due to expire. The negotiators who cobbled together the non-binding Copenhagen Accord at the eleventh hour of the last big climate summit hoped to have a successor treaty with larger, binding climate finance figures in place before then. The Accord established a goal of ramping up mitigation and adaption funding to $100 billion by 2020.
Unfortunately, the diverging negotiating positions of rich and poor countries that have emerged since the Copenhagen summit make it less likely that a binding treaty will be agreed upon and ratified by 2012. This dreaded “Kyoto gap”–as the expected space between the end of the current greenhouse gas regulatory regime and whatever comes next is now being referred to–has developing countries clamoring for assurances that rich nations are still committed to cooperatively addressing the threat of climate change.
One simple way for the developed world to reaffirm its resolve is by meeting the existing fast-start pledge made in Copenhagen. The importance of this point was made explicit before the Bonn climate talks by the environmental ministers of Brazil, South Africa, India, and China–an influential collection of emerging economies that have coalesced into the “BASIC” negotiating block. In a joint press release, the BASIC ministers warned that “fast-start finance will be the key for an effective result in the climate change negotiations in Cancun.”
Tallying the pledges
Although the Bonn talks failed to establish firmer climate finance figures, WRI’s estimates suggest that the developed world has still made progress in fulfilling the commitment it made in Copenhagen.
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Photo credit: United Nations Photo (via Flickr)