UNFCCC(CANCUN-2010) : Setup the "Green Climate Fund" to assist poor nations

COP 16 / CMP 06 Summit at CANCUN-2010

The United Nations Climatic Change Conference(held between November 29-December 10) concluded, where  more than 190 countries after a two weeks of talks came to a deal on the issues of protecting the environment on earth. This deal can be an extension to the Kyoto Protocol whose requirements expires in two years.

The Key area in the Conference is the agreement to setup a "GREEN CLIMATE FUND" to administer assistance to poor nations, which many experts say are already dealing with the problems like floods and droughts as temperatures steadily mount.

Important Points on Green Climate Fund:

1. The Green Climate Fund will be headed by a 24 Members chamber equally from developed and developing nations.
2. For the First 3 years, the new international organisation would be supervised by the World Bank.
3. The European Union, Japan and United States have led pledges of 100 Billion Dollars a year for poor nations upto 2020, along with 30 billion dollars in immediate assistance.
4. The agreement called for "urgent action" to maintain temperature rises at no more than two degrees Celsius (3.6 Fahrenheit) above pre-industrial levels and asks for a study on strengthening the commitment to 1.5 degrees Celsius.
5. The proposal says it "recognizes that deep cuts in global greenhouse gas emissions are required according to science."
6. The Cancun deal also agreed on ways forward on fighting deforestation and on monitoring nations' climate pledges.

COP 16/CMP 6 Means?

COP16/CMP6 is the 16th edition of Conference of the Parties of the United Nations Framework Convention on Climate Change (COP) and the 6th Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol (CMP). “Parties” refers to all the national states that signed and ratified both of the international treaties, committing to observe and comply with its terms regarding international cooperation against climate change. 

The United Nations Framework Convention on Climate Change has been signed by 194 State Parties (list) and the Kyoto Protocol has been ratify by 184 State Parties (list). In accordance to the rules of the Convention, the Conference of the Parties in its authority of the supreme body has the mandate of adopting the necessary decisions for the promotion of its effective application.

The name COP refers to the reunions of the State Parties on numerous International Treaties ("Conference of Parties"). These conferences are celebrated annually between the months of November and December. This year, the Conference taken place at Cancun, Mexico.