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This paper examines the prospect of creating a Climate Change Fund (CCF) as an option for financing the global climate change response. It also looks at a breakdown of elements that would comprise the CCF.

The authors stress that the provision of financing to developing countries to implement the UN Framework Convention on Climate Change (UNFCCC) is required of developed countries under the Convention, but such financing has not yet been provided. This analytical note suggests that the Conference of the Parties to the Convention (COP) should directly operate the Convention’s financial mechanism by setting up a Climate Change Fund (CCF) that would fully respond to the requirements of the Convention as part of the global community’s response to climate change.

Key conclusions noted include:

• the question of financing the global climate change response comes down to ensuring that the Convention’s financial mechanism is able to generate an enabling environment for technology development, deployment and for capacity-building implementation, leading towards the more effective implementation by all Parties of their respective commitments under the Convention
• the numerous advantages of having the CCF under the Convention’s financial mechanism. Amongst these are that it could provide for more consistent and coherent financing for activities to meet the objective of the Convention, and it provides for flexibility in financing which could encourage innovation and home-grown solutions by developing country Parties
• the need to enhance financial flows under the Convention’s financial mechanism is urgent as part of the global response to climate change. The CCF would be a viable mechanism for delivering such financial flows consistent with the provisions and objective of the Convention.

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