Hero Background
Header Image

A central challenge in implementing the Paris Agreement rapidly and efficiently - how finance can support technology cooperation in practical terms – was the subject of a workshop at the May UN climate change conference in Bonn, Germany.

Specifically, the Technology Mechanism, which consists of a policy arm and an implementing arm, and the Financial Mechanism, including the Green Climate Fund (GCF) and the Global Environment Facility (GEF), need to collaborate to support countries in implementing the Agreement. The workshop discussed how this can best be done.

The Chair of the Technology Executive Committee (TEC), the policy arm of the Technology Mechanism, Ms. Nhlengethwa-Masina, said: “The TEC is well positioned to provide information and advice to the financial mechanism on how technology development and transfer could be supported most effectively.”

For example, the Technology Mechanism could identify game-changing technologies, analyse barriers and identify enabling environments to technology development and transfer. This could then support the GCF and the GEF in identifying and financing game-changing projects and programmes.

Mr. Zaheer Fakir, Co-Chair of the board of the GCF said that such closer collaboration was timely as his institution stepped into higher gear. “The board has set an aspirational goal of programming 2.5 billion USD in 2016 and we are ready to receive proposals for funding from countries,” he said.

So-called Technology Needs Assessments (TNAs), which countries carry out to identify technology priority needs, could also boost the collaboration between the technology and financial mechanisms because these assessments result in implementable action plans. In this sense, TNAs can also have a central role to play in the implementation of countries’ climate action plans.

Environmentally-safe Technologies Key to Successful Climate Action

Environmentally-safe technologies are key to the response to climate change. They facilitate the reduction of greenhouse gases, the building of climate-resilience and sustainable development. Finance is a means to enable the development, demonstration, transfer, deployment and diffusion of climate technologies. Finance and technology need to go hand in hand.

With the adoption of the Paris Agreement in December last year and the preparation by countries of their climate action plans, there is an urgent need for the support mechanisms of the United Nations Convention on Climate Change (UNFCCC) to work together in support of implementation. To strengthen countries’ actions on the ground and to assist them in implementing their climate action plans, both finance and technologies are critical.

The Technology Mechanism and the financial mechanism are part of the existing infrastructure that will assist countries in implementing the Paris Agreement. Further ways to boost their collaboration will be identified and discussed as countries prepare to fully implement scaled-up climate actions.

More information on the workshop, its agenda and presentations can be accessed here. A webcast of the meeting is also available here.

Pic by Magnus Hagdorn (Flickr)

Subscribe to our newsletter