Key highlights of the meeting:
- With issue of finance being considered a major sticking point in negotiations ahead of future climate summit, the BASIC nations jointly urged developed countries to fulfill their climate finance commitments of mobilizing $100 billion annually by 2020 for developing countries.
- This support should be new and additional, and over and above their 0.7% of Gross National Product (GNP) commitment with respect to Official Development Assistance (ODA).
- Under the Green Climate Fund (GCF) mechanism, the developed countries are expected to jointly mobilize $100 billion per year by 2020, from a variety of sources, to address the mitigation and adaptation needs of developing countries.
