Parties - Paris Agreement (6-Nov). Article 6: Finance. lyrics

Article 6 (FINANCE) Option 1: (paragraphs 1-1quater) 1. [Over time, [all] finance flows should [promote][and][be consistent with] the transformation to low-emission and climate-resilient societies and economies.] 1bis. [To this end, all Parties shall take action to mobilize, and/or facilitate the mobilization of, climate finance in line with their respective and evolving responsibilities and capabilities. Some Parties may need support in order to take action.] 1ter. [The actions taken by Parties in the mobilization of climate finance shall reflect and be dynamically adapted to future changes in needs, developments and environmental and economic realities, reflecting evolving capabilities and responsibilities.] 1quater. [[Developed country Parties should take the lead and][Developed country Parties[, Parties with economies in transition] [and Parties [in a position][with capacity] to do so]] [All Parties [in a position][with capacity] to do so] [shall][should][other] provide support to a**ist developing country country Parties with respect to both mitigation and adaptation [and others in a position to do so should complement such efforts].] Option 2: (paragraph 1) 1. [In the implementation of this Agreement, developed country Parties and other developed Parties included in Annex II to the Convention shall provide and mobilize new and additional, adequate, predictable, accessible, sustained and scaled-up financial resources to developing countries to enhance the implementation of their policies, strategies, regulations, action plans and climate change actions with respect to both mitigation and adaptation so as to contribute to the achievement of the objective of this Agreement, meeting costs of adaptation, addressing loss and damage and including access to and transfer of environmentally sound technologies and capacity-building, based on the principles of the Convention and in accordance with the provisions of the Convention.] 2. [Parties [[shall][should][other] take appropriate steps to][should promote the mobilization of climate finance from a wide variety of instruments and channels, including public, private, bilateral, multilateral, domestic and international. In this regard]: (a) [Recognizing the importance of mobilizing domestic resources [in the first instance], Parties [in a position][with capacity] to do so should provide support to a**ist developing country Parties in need of support with respect to both mitigation and adaptation;] {Substantive overlap with option I paragraph 1quater and option II paragraph 1} (b) Parties [shall][should] strive to improve domestic [and international] enabling environments [and policy frameworks] to [attract] [and] [mobilize] low-emission, climate-resilient [finance and] investment, noting that cooperative action and support may enhance such efforts; (c) [Parties should] [prioritize the provision of] [recognize the importance of providing] [the most concessional finance] [grant-based [and concessional finance][support]] to the poorest, most vulnerable, and/or those with the least ability to mobilize other resources, [including][especially] for adaptation[, with priority given to financing for activities that are readily implementable, scalable, results-based and deliver co-benefits];] (d) [Prioritize financial support for results-based payments for verifiable achieved emission reductions related to existing approaches under the Convention;] (e) [Parties should integrate climate considerations, including resilience, into their domestic development plans, international development a**istance, and domestic and international investments;] (f) [Parties should [reduce international support for high-emission [and maladaptive] investments] [and[/or]][or] [enhance international support for low-emission and climate-resilient investments].] 3. [Parties [shall][should][other] explore options for simplifying procedures for accessing support [and improving readiness], in particular for the LDCs and SIDS.] 4. [Parties [shall][should][other] implement and improve where necessary the pricing of greenhouse gas emissions.] 5. Option 1: [[Parties recognize the importance of the GCF and other multilateral mechanisms [and other efforts] for] The mobilization of climate finance [that] [shall][should][other] be scaled up [in a predictable and transparent manner] [beyond previous efforts] [from USD 100 billion per year] from 2020.] Option 2: [The provision and mobilization of financial resources by developed country Parties and other developed Parties included in Annex II to the Convention shall represent a progression beyond their previous efforts, and financial resources shall be scaled up from a floor of USD 100 billion per year from 2020, including a clear burden-sharing formula among them, and in line with the needs and priorities identified by developing country Parties in the context of contributing to the achievement of the objective of this Agreement as set out in Article 2. These resources shall be provided in a measurable, reportable and verifiable manner, and be based on a clear road map with individual annual targets in the post-2020 period, with clearly identified pathways to expected annual levels of available resources towards achieving short-term quantified goals. It shall take into account an equitable regional distribution of financial resources and a gender-sensitive approach, and include the implementation of Articles 5 and 6 of the Convention.] Option 3: [Enhancing the scale and effectiveness of climate finance depends on the actions set forward in paragraph 2 of this Article] 6. Option 1: [[Parties] [recognize][recognizing][note][noting] [the [desirability][role] of][that sources may include] a wide variety of sources, public and private, bilateral and multilateral, including [alternative][additional] sources[, noting the need for a diversity of sources and instruments to fit recipients' changing economic circumstances].] Option 2: [Public funds, distinct from official development a**istance, will be the main source of financing, noting that sources may include a wide variety of sources, public and private, bilateral and multilateral, including additional sources to meet developing country needs for mitigation and adaptation actions. In the mobilization of finance from various sources, Parties shall abide by the principles of fiscal sovereignty and avoid incidence on developing country Parties[,particularly disguise distortions to trade].] 7. Option 1: [[Developed country Parties [and other developed Parties included in Annex II to the Convention]] [Developed country Parties[, Parties with economies in transition] and Parties [in a position][with capacity] to do so] [All Parties] [shall][should][other] [periodically] [prepare and] communicate [biennially on the provision and implementation] [[relevant, indicative] information] [on the [provision of financial resources, including quantitative and qualitative information on the] [projected][achieved] [efforts to mobilize climate finance][levels of public [climate finance][financial resources to be provided to developing country Parties]][about their plans related to paragraph 2 of this Article, as appropriate].] Option 2: [Parties should periodically communicate relevant, indicative information about their plans related to paragraph 2 above, as appropriate.] 8. [The short-term collective quantified goal by developed country Parties shall be (periodically) reviewed and a**essed based on needs and priorities identified by developing country Parties, in accordance with the modalities and procedures to be developed by the CMA, in the context of achieving the objective of this Agreement.] 9. [The CMA shall facilitate the communication of finance efforts for the stocktake referred to in Article 10, taking into account the [annual reports][biennial a**essment] of the Standing Committee on Finance.] {Pending outcome of discussions on Article 10} 10. [Placeholder: outcome on discussion on monitoring, reporting and verification and Article 9 on transparency] 11. [Placeholder: notion of avoiding double counting] 12. [[Parties][The provision of [support][these scaled-up resources]] [should][shall] strive to [achieve a] balance [of] [adaptation support [relative to][and] mitigation support][50:50 allocation for mitigation and adaptation actions of developing country Parties], [bearing in mind][taking into account the] country-driven strategies, priorities and needs [of developing country Parties that are particularly vulnerable to the adverse effects of climate change, including SIDS, the LDCs and Africa].] 13. [Parties recognize that financing for adaptation should be public and grant-based.] 14. [The provision of financial resources, including for the transfer of technology, shall ensure facilitated and enhanced direct access, pursue a country-driven approach, be delivered through simplified procedures, and ensure continuous readiness support in particular to capacity-constrained developing countries, in particular the LDCs and SIDS. It shall likewise ensure adequacy and predictability of resources, and avoid double counting.] 15. [The CMA shall ensure that adequate support is available to the international mechanism to address loss and damage as defined in Article 5, as well as to promote and support the development and implementation of approaches to address irreversible and permanent damage resulting from human-induced climate change.] 16. [Parties may transfer mitigation outcomes for the purpose of fulfilling commitments and supporting actions under this Agreement in accordance with the relevant decisions of the COP.] {Placement proposal: mitigation Article of the Agreement section} 17. [The Financial Mechanism, as [established by][defined in] Article 11 of the Convention, shall serve as the financial mechanism of this Agreement, including [the GCF and the Global Environment Facility as] its operating entities[, in line with their respective mandates][The Financial Mechanism established by Article 11 of the Convention, including its operating entities, shall serve as the financial mechanism of this Agreement].] 17bis. [The operation of the financial mechanism shall remain open to be entrusted to other existing international entities. The guidance to the entity or entities entrusted with the operation of the Financial Mechanism of the Convention in relevant decisions of the Conference of the Parties, including those agreed before the adoption of this Protocol, shall apply mutatis mutandis to the provisions of the paragraph.] {Placement proposal: issue to be addressed in paragraph 66 of the draft decision} 17ter. [The funds under the Convention such as the Special Climate Change Fund and the Least-Developed Countries Fund, as well as the Adaptation Fund under the Kyoto Protocol, shall also serve this Agreement. Other funds may be established under this Agreement as may be deemed necessary. These funds shall operate under the guidance and authority of the CMA in relation to activities to be developed and implemented under this Agreement.] {Placement proposal: issue to be addressed in paragraphs 66 and 67 of the decision} 17quater.[The Adaptation Fund Board, established by decision 1/CMP.3, shall be designated as an operating entity entrusted with the operation of the financial mechanism, referred to in paragraph 17 of this Article, for the implementation of this Agreement.] {Placement proposal: issue to be addressed in Agreement on interim arrangements} 18. [The Standing Committee on Finance established under the Convention shall [serve this Agreement.] [a**ist the CMA in exercising its functions with respect to the Financial Mechanism of the Convention, in line with its functions and responsibilities established by the COP.] [Other thematic bodies under the Convention shall likewise a**ist the CMA, which may also establish other thematic bodies as may be deemed necessary.]] {Placement proposal: issue to be addressed in decision part; issue of other thematic bodies not appropriate for finance section of the Agreement}