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CANCUN: The European Union (EU) will support India's proposal for an International Consultation and Analysis (ICA), which is likely to be a controversial topic at the United Nations climate change conference here.
Sources in the EU said they were interested in an ICA but not as a condition for funding. “We need a system that is coherent and we need to verify if the finance is being delivered. There are issues of sovereignty here, but it is not an instrument to dictate policy,” clarified Artur Runge Metzger of the EU at a press conference on Tuesday.
Mr. Metzger, one of the chief negotiators at the conference, said an ICA or measurement, reporting and verification (MRV) raised questions of what should be covered and the methodology.
There was need for capacity building and the EU was ready to help. There were issues related to smaller countries having the same rules for reporting emissions. Would there be tighter rules for larger polluters? These were important questions that needed to be hammered out.
Fast start funding
As far as the EU was concerned, money was being given for concrete action and it had committed €7.2 billion as fast start funding till 2012. Of this amount, €2.2 billion has already been mobilised. The EU attached a lot of importance to transparency and, adaptation to climate change was a major component of the funding.
The EU was the largest contributor to overseas development assistance and it accepted the fact that fast start funding should be new, though there was no international agreed definition on what was new and additional.
Transparency in the delivery of fast start funding was vital. The EU would report annually on the implementation of its fast start commitments.
Justifying the giving of loans and not grants, he said it was like a revolving fund that people could borrow from and repay. These were concessional loans and there was no need to give grants.
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