Peru's Environment Minister Manuel Pulgar-Vidal encouraged COP 20 parties to pay special attention when discussing climate financing as it is important to included in the draft text of the 2015 agreement to be signed in Paris, France.
Peru views the issue of financing as critical and "including financing in the draft is definitely the objective,” he was quoted as saying by Argus Media in an
article on its website.
Parties are negotiating a new, climate change deal under the UN Ad Hoc Working Group on the Durban Platform for Enhanced Action (ADP) that is meant to be agreed at next year's Cop 21 in Paris, France.
According to Pulgar-Vidal, finance-related topics that need to be addressed include a clear political signal of resources being earmarked for the Green Climate Fund, transparency, an enabling environment for financing, and the level of financing reflected in the agreement.
Prior to Cop 20, there will be a high-level session in Lima on climate financing, as well as a session on climate financing during the annual World Bank-IMF meeting in October in Washington, US.
Furthermore, the president of this year's 20th Conference of the Parties (Cop 20) said there are three other sensitive issues that are preventing parties from reaching consensus on its legal form.
The first has to do with legally binding regulations. The second is related to the principle of common but differentiated responsibilities (CBDR).
Finally another key issue is associated with measurement, reporting and verification (MRV), which is closely linked to CBDR.