Climate finance presents a governance challenge to ensure it reaches the right places, Maldives’ Ambassador to the UN in Geneva, Iruthisham Adam, has told Transparency International (TI).
“The Copenhagen Accord figure of US $100 billion per year by 2020 is a conservative estimate of needs, yet even this amount presents profound governance challenges,” Adam told TI.
“How can we generate this amount of money? How can we manage this funding? How can we distribute it to those who need it most and assure ourselves that the money is well spent and not abused?
These challenges are at the heart of why it was difficult to come to an agreement on climate financing at COP15. We also need a UN Framework Convention on Climate Change (UNFCCC) oversight bodies to regulate the flows, distribution and efficacy of the fund. Climate financing has to be accountable and transparent in order to avoid abuse and inefficiency and build confidence and trust. Everything has come to a standstill because we are not able to build trust within the system, on which the whole UNFCCC negotiations are dependent. Procedures must be in place to allow local communities, NGOs and other stakeholders oversee the funds and build this trust.”