The UN climate talks concluded in Durban, South Africa last month without a deal to replace the Kyoto Protocol in place. However, members did agree to extend the Kyoto Protocol another five years in order to allow time for creation and implementation of a replacement. In addition to this and other agreements, members also refined the Green Climate Fund.
The Green Climate Fund was established in order to distribute money to poorer nations of the world in order to cope with climate change. At the recent climate summit, members established the bodies that will be in charge of the system, including those that will collect, distribute and govern. Nations involved are expected to collect and distribute upwards of $100 billion per year.
By the end of 2012, the organization is meant to collect and distribute $30 billion. However, only $2.4 billion is currently available to be distributed to nations in need of funds. One country concerned with the lack of funds and distribution is Bangladesh.
Bangladesh is one of many nations in danger of severe global warming changes, such as rising seas. Bangladesh is low-lying and their agriculture is considered greatly threatened by rising seas and increased storms. The country has already begun developing crops which are more resistant to salinity in order to plan for increased flooding and massive storms. But the country is in need of more funds in order to fight climate change in the country.
Foreign minister of Bangladesh, Dipu Moni, recently addressed her concerns with unavailable funding. Moni stated: “Our achievements- social, economic, environmental- of the past decades will be reversed if [developed nations] take away the funds promised for adapting to climate change. The disbursement of the financing has been dismal so far. We are not seeing the funds.”
The foreign minister believes that grouping large economies that are still considered developing, such as China and India, with smaller developing nations is causing nations such as Bangladesh to be overlooked. Moni stated: “We have been lumped along with big emitters in the same category. But we and the most vulnerable countries and the least developed countries should be in a different category, India and China have their development challenges, but we are not big emitters so our challenges and demands are different.”