BALI, Indonesia, Dec. 8 (Xinhua) -- Developing countries, grouped under the G77, have proposed at the ongoing Bali U.N. climate conference that a new multilateral cooperation fund be set to finance the development, deployment and transfer of environmentally sound technologies to developing countries.
This was the highlight of the G77's paper on "Proposed Elements for A Draft Decision on Development and Transfer of Technologies" at the conference, sources with the Third World Network said.
The paper was presented at a contact group under the Subsidiary Body for Implementation (SBI) of the United Nations Framework Convention on Climate Change Conference (UNFCCC) during the conference, which is tasked with drawing up a "roadmap" for negotiations on a new climate deal before the current phase of the Kyoto Protocol expires in 2012.
The proposal came after developing countries insisted that the technology transfer issue is important to adapt to and mitigate climate change and proposed that the issue be discussed in SBI to ensure that the commitments of developed countries will be implemented, the sources said.
The paper delivered by Ghana referred to the fact that the current institutional, financial and monitoring arrangement under the Convention are inadequate to deliver immediate and urgent transfer of technologies to developing countries.
It proposed to establish a new and additional multilateral technology cooperation fund to finance the development, deployment, diffusion and transfer of environmentally sound technologies for mitigation and adaptation to developing countries.
Third World Network is an international network of organizations and individuals involved in issues relating to environment, development and the Third World and North-South issues.