The 2nd session of the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement
At the on-going climate talks in Madrid, developed countries are opposed to continuing discussions on long-term finance under the UNFCCC post 2020, and want further discussions on finance to take place under the Paris Agreement.
Kathmandu: The COP 25 decisions on climate finance matters saw intense wrangling between developed and developing countries until the final hours of the closing plenary that ended on Sunday, 15 Dec, two days later than its original schedule.
A significant outcome of COP 25 were decisions on the 2019 review of the Warsaw International Mechanism on Loss and Damage (WIM), which were finally adopted on Dec 15, through intense and difficult negotiations, since the start of the talks in Madrid on Dec 2.
Developing countries at the closing plenary of COP 25 said that the call for raised ambition in emissions reductions must be matched by ambition on the provision of the means of implementation, especially on finance from developed countries.
At the opening ceremony of the climate talks in Madrid, Spain on 2nd Dec, UN Secretary-General, Antonio Guterres said that what the world needed in tackling climate change was “not an incremental approach, but a transformational one”, that involved “rapid and deep change in the w