The ‘Green Fund', which will address climate change concerns of the developing countries may ideally be set up during the forthcoming Cancun Summit in December.

“What is now under discussion is exactly how it will work and what kind of projects it would be applicable for,” Patricia Espinosa, minister of foreign affairs, Mexico and chairperson of COP 16 to United Nations Framework Convention on Climate Change (UNFCCC) told Governance Now on Monday in an exclusive interview.

“We expect the Green Fund to come this year. It may be announced during the Cancun summit.” Patricia said while on three-day visit to India starting August 15.

She said that the Green Fund, of $100 billion a year till 2020, was first discussed during the Copenhagen summit. But developed nations had failed to commit to the funnd at the summit, drawing flak from governments of developing nations and environmental activists worldwide.

“The UN high-level advisory group on Climate Change financing will play a central role in identifying viable sources of funding for the Green Fund,” Espinosa commented.

She also remained optimistic about the funds for the developing countries and said that climate change negotiations are safe. “Climate change  transactions are safe and evolving at the same time and we need to maintain our stands over our political needs if we are to face the future,” Espinosa said.

The idea behind the Green Fund was to provide money to developing countries to confront drought, flooding, food shortages and disease exacerbated by global warming.

The climate change negotiations are progressing very slowly and sharp divisions between the developed and developing countries remain. But Espinosa also dispelled any doubts on the climate change negotiations. “We feel that we are working together with our partners from different countries in order to put together a set of decisions that can cover all the areas under negotiation. It will allow the international community to put in place a set of instruments that will be effective as measures against climate change”

Lauding India’s effort in the climate change negotiations she said, “As a very important country in the developing world, India has a major role to play to showing the way in the negotiating process of the climate change.”

She also said that an ambitious outcome in Cancun would be of great benefit to India. “A result in Cancun requires India’s sustained political guidance and support,” she added.

During the meeting with the environment minister Jairam Ramesh, she discussed ongoing efforts to evolve consensus at the Cancun summit Nov 29-Dec 10.

Cancun, a city in eastern Mexico, will host the 16th Conference of the Parties (COP 16) to the United Nations Framework Convention on Climate Change (UNFCCC) Nov 29-Dec 10.

On Tuesday, Espinosa will meet external affairs minister (EAM) S.M. Krishna at Hyderabad House, New Delhi. She is likely to discuss a host of bilateral issues, including climate change, intensification of trade ties and UN reforms with EAM.