The delivery of climate finance for developing countries is one of the commitments and obligations of developed country governments under the UN Framework Convention on Climate Change (UNFCCC) and is one of the pillars of the Bali Road Map agreed during the UNFCCC Conference of Parties held here in Bali in December 2007.
Climate Finance is urgently needed to enable developing countries to deal with the impacts of climate change, build climate resilience, and shift to low carbon development pathways.
In November 2013, Typhoon Haiyan struck the Philippines leaving more than 6,000 people dead, several million people displaced, and more than 879 million US dollars cost of damages to infrastructures and agriculture. In January, heavy rains drenched a huge portion of Indonesia causing massive floods, deadly landslides and more than 40,000 displaced individuals. The total cost of damage is estimated at 80 million US dollars. There is the prolonged drought in the Horn and East Africa, the freak phenomena of floods in Mozambique and the Somali Puntland Hurricane in November 2013 which killed around 300 people, and the climate change – induced natural resources scarcity in the savanna belt of Africa (e.g. Darfur) that is giving rise to conflicts and severe food crisis.
The Board of the Green Climate Fund is now holding its sixth meeting at the Nusa Dua Convention Center in Bali, Indonesia.