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Long-term financing key focus at UN climate conference
While there has been little discussion within the UNFCCC on the issue, the G-20 has attempted to step in. The G-20 is of the view that the UNFCCC is "not the relevant forum" to discuss longterm finance and that an efficient track was required to follow up on long term finances, to ensure that the climate fund doesn't end up becoming an empty shell.
The G-20 has asked the World Bank and the IMF to provide a report on the issue. While the World Bank is looking into instruments of multilateral development banks, private finance and carbon financing, the IMF is concentrating on international public sourcing, especially bunkers and domestic carbon related sources of finance. South Africa's effort to push forward a meaningful discussion and forge a consensus on sources of long-term finance therefore takes on a sense of urgency. An agreement is crucial to ensure that trust in the multilateral UN process for climate action is not lost again.