Part II The Question of Oversight, Post Copenhagen Synthesis Report
European Capacity Building Initiative
Policy Briefs and Notes
The Reformed Financial Mechanism II; Section III. Compliance Oversight
The Reformed Financial Mechanism II; Section III. Compliance Oversight
A new source of finance for climate action at the local level?
The policy brief considers ways in which crowdfunding for climate change (CF4CC) could be used to get funds to the 1.5 billion urban and rural poor currently without access to modern energy, to enable them to invest in renewable energy systems such as solar home systems, energy efficient products, or mini-grids serving communities and small towns.
A proposal based on this Policy Brief won the Popular Choice Award in the 2012-2013 MIT Climate Co-Lab “Scaling renewables in major emerging economies” contest.
In a recent Concept Note,1 Benito Müller put forward the idea of a Southern Solidarity Fund (SSF) to receive voluntary contributions from developing countries for South-South climate change cooperation. It is meant to be established by the Conference of the Parties (COP) of the UN Framework Convention on Climate Change (FCCC or Convention) with a developing country Board, and to be operated by the Green Climate Fund (GCF), as an operating entity of the FCCC financial mechanism. As such, it is meant to give developing countries ‘the opportunity to provide support to their peers for climate change activities’2 which ‘should be able to avail itself of the best available delivery systems, such as is hoped will be established under the Green Climate Fund, in particular through Enhanced Direct Access, where operational decision-making is devolved to recipient countries.’
Legal Options and Challenges
Generating new (innovative) sources of funding from US states, regions, and cities, for the Least Developed Countries Fund (LDCF) of the Financial Mechanism of the UNFCCC/Paris Agreement.