After months of delay, the new UN Green Climate Fund (GCF) had its first board meeting between 23-25 August.
The board is important, as it will play a key role in defining the future direction of the fund and determining whether the GCF will provide genuine and much needed climate finance to poor countries or be yet another clone of the hated World Bank and its Climate Investment Funds (CIFs) which have foisted debt on some of the world’s poorest countries.
Early indications are that the GCF may not be much better than the CIFs. Thanks to the influence of the UK and its allies, a large portion of the $100 billion (£63 billion) that rich countries have promised (but so far failed to deliver) to the fund may go directly to multinational corporations through a dubious ‘private sector facility’. This has led campaigners to call the GCF a ‘greedy corporate fund’.
The main decision taken by this meeting of the board was to elect Australia and South Africa as the co-chairs. This is not an encouraging sign as these countries don’t have a brilliant record on climate. Australia has refused to renew its commitments under the Kyoto protocol, which remains the only legally binding treaty on emissions reduction, while South Africa is in the process of building a huge coal...



We want to ensure that the UK pays its climate debt instead of locking poor countries into further unjust debt by providing loans to help deal with climate change.

















