T.9. COP 16 Cancun Summit

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T.9. COP 16 Cancun Summit

About	The Cancun Agreements encompass decisions in both the Convention and Kyoto Protocol negotiation tracks. According to the Cancun Agreements, all Parties to the Convention, including both developed and developing nations, have committed to reporting voluntary mitigation goals for implementation. These goals will undergo measurement, verification, or international consultation, following agreed-upon international guidelines.
Cancun Agreements	Industrialized countries’ targets are officially recognized, and they are mandated to develop low-carbon development plans and strategies, assess how to achieve them (including through market mechanisms), and report their inventories annually. Actions by developing countries to reduce emissions are officially acknowledged, with the establishment of a registry to record and match these actions to financial and technology support from industrialized countries. Progress reports from developing countries are to be published every two years. Decisions include a commitment of $30 billion in fast-start finance from industrialized countries to support climate action in the developing world up to 2012, with an intention to raise $100 billion in long-term funds by 2020.
Mechanism of COP 16
Technology Mechanism	The 16th session of COP established a Technology Mechanism, accountable to the Conference of the Parties (COP), to facilitate enhanced action on technology development and transfer supporting mitigation and adaptation to climate change.
Green Climate Fund	Parties at COP 16 established the Green Climate Fund (GCF) as an operating entity of the financial mechanism of the Convention. The GCF will support projects, programs, policies, and activities in developing country Parties and will be governed by the GCF Board. The World Bank serves as the interim trustee, pending a review three years after operationalization.
Adaptation Fund	The Adaptation Fund was created to finance concrete adaptation projects and programs in developing country Parties to the Kyoto Protocol vulnerable to the adverse effects of climate change. It is financed from the share of proceeds on clean development mechanism project activities and other funding sources. The Adaptation Fund is supervised and managed by the Adaptation Fund Board (AFB), with secretariat services provided by the Global Environment Facility (GEF), and the World Bank serves as trustee on an interim basis.