Tuesday's update in Bali

With the start of the crucial High-Level segment of the Climate Change Conference in Bali only a day away, agreement has been reached on several important issues under discussion. Of special note was a decision which heralds the launch of the Kyoto Protocol’s Adaptation Fund, set up to finance concrete adaptation projects in developing country Parties to the Kyoto Protocol. Parties agreed on the Global Environment Facility (GEF) as the secretariat and the World Bank as trustee of the Fund, which will become operational with the start of the Protocol’s first commitment period in 2008.

Meanwhile, continuing speculation on the issue of emission reduction targets prompted a detailed clarification from UNFCCC Secretary Yvo de Boer. “25%-40% by 2020 is an emission reduction range, it’s not a target, and it’s something that governments said earlier this year they should be guided by in the context of the negotiations,” he said, adding that “contrary to some reports, these figures do not prejudge the outcome of the negotiations.”

Mr. de Boer continued, ”this range does not represent concrete emmission reduction targets for industrialized countries and this conference will not produce an agreement on specific targets per country,” pointing out that this was not what it had set out to do. What it did aim to achieve, he explained, was to set the wheels in motion in terms of launching a process going into the future.