The development of the "Green Fund"

Mexico will host in November of this year an annual UN climate meeting. This is one of the meetings scheduled as a result of the minimalist accord reached in Copenhagen which stated that deep cuts in global emissions will be required to maintain global temperatures below 2 degrees centigrate. The Copenhagen Accord stated that countries would take action in reducing their emmissions, but did not provide any teeth to enforce such cuts. On September 3rd, 50 countries started moving towards the development of a "Green Fund" to finance activities within developing countries to fight the impacts of global warming. Estimates of financing circle around $100 billion a year from 2020 onwards;  however as European countries tackle austerity programmes, the sums pledged are far smaller and there seems to be a move away from speaking about public funding, and instead address the issue through private funding via selling bonds in global capital markets. the International Monetary Fund has been involved in presenting proposals for the development of such a fund.