Pretoria - Funding will be crucial to an effective result in the climate change negotiations scheduled to take place in Cancun, Mexico, later this year, environmental ministers from the top four developing nations said.
The ministers from South Africa, Brazil, India and China ended their two-day meeting in Rio de Janeiro this week in which they stressed the need for detailed and comprehensive information on fast start financing by developed countries to curb the effects of climate change.
In a statement released after the meeting, the ministers, including South Africa's environment Minister Buyelwa Sonjica, expressed their concern with the lack of operational guidelines for the provision of financial resources based on the United Nations Framework Convention on Climate Change (UNFCCC) and the "understandings" achieved in Copenhagen last year.
"Ministers reaffirmed their support for the G77 and China proposal regarding the financial mechanism of the UNFCCC and expressed their appreciation for the convergence within the negotiations on the creation of a new fund to fight climate change. They were of the view that public financing should play the major role as a predictable source of financing," said the statement.
It demanded the work of the UN Secretary-General's High-level Advisory Group on Climate Change Financing fulfill the expectations of developing countries and be in accordance with the principles of the UNFCCC.
The meeting further highlighted the importance of achieving a balanced outcome in Cancun, something developed countries failed to do in Copenhagen.
"Ministers emphasised the importance of the unity of the Group of 77 and China and its role in multilateral negotiations, including in the construction and strengthening of the climate change regime". The next round of talks will be held in China in October ahead of the Mexico negotiations in November.
