The financial, technology and capacity-building support agreed in Cancun applies to both mitigation and adaptation actions by developing countries. The details of these cross-cutting elements of the agreement follow:
In order to scale up the provision of long-term financing for developing countries, Governments decided to establish a Green Climate Fund that will function under the guidance of, and be accountable to the Conference of the Parties (COP).
The new fund will support projects, programmes, policies and other activities in developing countries using thematic funding windows.
The fund will be governed by a Green Climate Fund Board, comprising 24 members with equal representation from developing and developed countries.
The fund will be administered by a trustee and supported by a professional secretariat. The World Bank will serve as the interim trustee. Governments decided to establish a Transitional Committee of 40 members to design the details of the fund. This design phase is to be concluded by the Durban Climate Conference at the end of 2011.
Furthermore, Governments decided to establish a Standing Committee under the COP, which will assist the COP in exercising its functions with respect to the mobilization, delivery and verification of long-term finance. The specific roles and functions of the Standing Committee are to be developed.
In the broad context of long-term financial support, industrialized countries committed to provide funds rising to USD 100 billion per year by 2020 to support concrete mitigation actions by developing countries that are implemented in a transparent way. These funds would be raised from a mix of public and private sources.
