IPS – As Green Climate Fund Finally Meets, Funding Remains Uncertain | Inter Press Service

WASHINGTON, Aug 21 2012 (IPS) - Five months behind schedule, the board of the newest and largest international financing mechanism aimed at dealing with the effects of climate change, the Green Climate Fund, is finally slated to meet this week, just ahead of a late-summer deadline.

On Monday, however, insiders admitted that funding plans for the ambitious initiative – 100 billion dollars a year after 2020, in addition to dealing with a massive shortfall until then – remain unclear.

“We are expecting no serious discussion about the 100 billion dollars at this meeting,” Omar El-Arini, an Egyptian member of the Green Climate Fund (GCF) Board, told journalists Monday, speaking from Geneva.
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When the GCF was proposed, under the United Nations Framework Convention on Climate Change (UNFCCC) in 2009, its aim was to steer money towards the world’s poorest countries to deal with the effects and causes of climate change. At the time, developing countries were asking for 400 billion dollars per year, but eventually settled on a quarter of that.

2009: Hillary Clinton Pledges $100B for Developing Countries - NYTimes.com

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WHO NEEDS CHEAP GAS? IT JUST ENCOURAGES PEOPLE TO LIVE IN THE SUBURBS, DRIVE CARS, AND STUFF LIKE THAT. Government Finds New Ways to Delay Domestic Energy Production.

Troubles for Indian solar panel industry - Economic Times

The Delhi-based Centre for Science and Environment says conditions placed by the US as part of its climate fast-start finance initiative is killing the Indian solar panel industry.

According to the CSE, the US Exim Bank and the Overseas Private Investment Corporation are offering low-interest loans to solar project developers in India only is they buy the equipment, the solar panels and cells from US companies. As a result most orders are being bagged by US companies rather than local manufacturers, putting the domestic solar photo-voltaic industry at risk, says CSE deputy director Chandra Bhushan.