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Climate Fund LDCs kept in wait

PlNAKI ROY from Copenhagen
It still remains uncertain when the least developed countries (LDCs) will get the Adaptation Fund although these nations have been demanding it for years.
"The affected countries will definitely get the fund. But now the delegates are determining who will give the money and who will receive it," said Dr Atiq Rahman, member of the Bangladesh delegation and executive director of Bangladesh Centre for Advanced Studies.
Besides, the amount and the mechanism of raising the fund will also be figured out. A decision about the share will also be made later, he said.
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Scores of proposals for the fund's creation have been discussed for the last few years, but nothing concrete has come out of it, said another delegate.
The LDCs at a press confer-ence in Copenhagen demanded 75 percent of the adaptation fund while some Bangladesh high-ups asked for 15 percent of it.
These countries have been demanding 1.5 percent of the GDP of Annex 1 countries (around $600 billion) annually as compensations that will be higher than the usual Overseas Development Aid (ODA), which had been around .7 percent of the GDP of the developed countries for the last decade.
But the developed countries have so far committed around $10 billion annually for the LDCs. It might go up from the next year if all parties agree.
The EU estimated that the world will need around $150 billion a year for adaptation. Of the amount, 20 to 50 percent will come from public finance depending on their pledges.
The other sources proposed are emissions trading, levy from aviation and shipping and co-financing from developing nations.
In 2001, Kyoto Protocol signatories decided to establish the Adaptation Fund, to transfer cash to countries vulnerable to the changing climate.
However, it took years to have the Adaptation Fund structure and appoint the
required staff. It was finally established in December 2007.
According to World Bank, the fund's bank account has $33.7 million. However, no project of any developing or least developed countries has received any money from the fund.
Bangladesh received $200,000 for preparing its National Action Plan on climate change and, subsequently, $4.3 million for a coastal forestation project.
"This is the only money we have received so far from the multilateral negotiation process,’’ said a member of Bangladesh delegation.
However, around $7 million has been spent for launching the programme and administration.
But now the Alliance of Small Island States (AOSIS) and other LDCs are pressing for new UN Frameworks for getting funds.
"The delegates are discussing the matter. Something might come out through the negotiations," said a member of Bangladesh delegation.
The developing nations are supposed to receive funds from industrialised countries to set up emission-free industries through the Clean Development Mechanism (CDM) under the Kyoto Protocol framework.
But over 80 percent of the CDM projects went to giant developing countries like China, Brazil and India. But Bangladesh has got only two while LDCs like Lesotho are yet to get any.