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Commonwealth sets up new finance access hub for climate change

Xinhua, November 29, 2015 Adjust font size:

On the eve of Paris climate conference, the leaders of 53 Commonwealth countries made a decision Saturday here to set up a climate change hub to facilitate funds access for the small and poor member countries.

"Vulnerable small island states will have greater access to funds to tackle climate change through a new Commonwealth finance initiative," the Commonwealth Secretariat said in a statement released on the second day of the Commonwealth Heads of Government Meeting (CHOGM) in Malta.

Announced ahead of the opening of the Paris climate conference , known as COP21 climate change summit in Paris, where world leaders are expected to adopt a new climate accord, the Commonwealth Finance Access Hub was expected to help countries successfully bid for climate action funding.

Launching the initiative, Prime Minister of Mauritius Anerood Jugnauth told reporters that he is "confident that the climate finance access hub will be instrumental in our endeavour to address climate change issues."

He said: "The flow of international climate funds for small island developing states and least developed states, which are the most vulnerable to climate change, has remained problematic. The hub will assist in unlocking existing and new climate funds for urgent adaptation and mitigation."

Mauritius has agreed to host the hub which will be linked to technical advisers across the Commonwealth.

The hub was set up after small state leaders said they had experienced difficulty securing financial support, Commonwealth general-secretary Kamalesh Sharma said at the press conference on the first day of Malta commonwealth summit.

"These small states are often told about money but none of them know the number to dial," the outgoing secretary-general said, adding the hub will make "climate finance, a reality."

He also announced that the leaders had agreed on a new mechanism to help states manage debt accrued on climate management. But the details of how this would work were still being worked out.

Australia have pledged 1 million U.S. dollars to the hub. However, no more countries in the 53-member-state association announced further help by now. Endit