Global Development: Views from the Center

The stalemate in the latest round of climate negotiations, held in Doha, Qatar, last month, makes it clear that a fresh approach is needed if the world is to avert climate catastrophe. One part of the solution should be a new global climate agency, founded, financed and led by a coalition of the big emerging market countries.

Although President Obama will be plenty busy during the remainder of his first term working with Congress to avoid the fiscal cliff, he need not wait until the start of his second term to further his vision for making US policy more supportive of global poverty reduction.

This is a joint post with Lawrence MacDonald.

In a break with the post-World War II practice of international organizations being headquartered in either Europe or the US, South Korea beat five nations to become the host of the Green Climate Fund (GCF), a new entity that may become a key player in international efforts to avert runaway climate change. The GCF interim secretariat announced late last month that Songdo International Business District, a gleaming new satellite city adjacent to South Korea’s main airport, won the competition to host the fund. The decision is expected to be confirmed at the 18th Conference of the Parties (COP) of the United Nations Framework Convention on Climate Change (UNFCCC) that will get underway in Doha, Qatar, later this month.

How will the international community raise billions of dollars to help developing countries reduce emissions and respond to the already emerging impacts of climate change? How will the funds be allocated and delivered to recipient countries? Next month’s climate summit in Doha is expected to focus intensely on these questions.