More money, more problems. Even if it’s for a good cause.
The world is in disarray due to the Green Climate Fund of the United Nations.
Currently, all 24 countries on the board have veto power. Coming to unanimous agreements has become a problem. Last year the United States blocked a request for China made for a sustainable loan.
The excess of conflicts between the leaders has been preventing the fund from being harnessed to its full potential. Representatives of communities at risk (such as developing countries that are located on islands or archipelagos, easily affected by climate change), along with the support of rich countries, are asking for change.
The implementation of a voting system is one of the most favored paths for small countries. Emerging economies, such as Saudi Arabia, see the system as a threat.
They argue that the voting system will leave all final decisions of the board of directors in the hands of countries with more money as they can use their equity to influence the vote of other board members.
The current proposal would be to make the system of decisions based on the will of the majority (⅔) and thus will no longer depend on the need for full unanimity.
The fund is currently preparing for a new round of investments.
Read the original story: https://www.climatechangenews.com/2019/02/27/developing-world-split-climate-finance-un-flagship-fund/