Ecological Debt – a Ecological Debt – a starting point for starting point for Climate JusticeClimate Justice

What is Ecological DebtWhat is Ecological Debt

Two general perspectives or definitions –

Global Ecological Debt – defined in terms Global Ecological Debt – defined in terms of global consumption vs global of global consumption vs global biocapacitybiocapacity

Ecological Debt from the vantage point of Ecological Debt from the vantage point of the South – defined in terms of political the South – defined in terms of political economy, right to development, and economy, right to development, and peoples’ ecological/environmental rightspeoples’ ecological/environmental rights

Global Ecological DebtGlobal Ecological Debt Humanity’s Humanity’s global ecological footprintglobal ecological footprint (its (its

demand on cropland, pasture, forests and demand on cropland, pasture, forests and fisheries) vis-à-vis fisheries) vis-à-vis global biocapacityglobal biocapacity (the (the ability to generate resources and absorb ability to generate resources and absorb wastes).wastes).

Ecological overshoot -- Using more than the Ecological overshoot -- Using more than the planet can regenerate in a year. planet can regenerate in a year.

Ecological Debt Day – the day humanity goes Ecological Debt Day – the day humanity goes into global overshoot for a given year and into global overshoot for a given year and begins incurring global ecological debt. begins incurring global ecological debt.

Global ecological debt - accumulating since Global ecological debt - accumulating since humanity first went into overshoot in the 1980s.humanity first went into overshoot in the 1980s.

Ecological Debt from the South Ecological Debt from the South PerspectivePerspective

Based on the principle of peoples right to Based on the principle of peoples right to sustainable development and the sovereign sustainable development and the sovereign control over their resources, the concept of control over their resources, the concept of the “commons,” and the notion of fair share the “commons,” and the notion of fair share of ecological spaceof ecological space

Ecological debt of the “north” to the “south” Ecological debt of the “north” to the “south” – north and south as political economy – north and south as political economy concepts rather than geographicalconcepts rather than geographical

Looks further back in history than 1980’s – Looks further back in history than 1980’s – ecological debt started accumulating in the ecological debt started accumulating in the colonial era and continues up to the presentcolonial era and continues up to the present

South Perspectives on Ecological Debt p2South Perspectives on Ecological Debt p2

Ecological Debt broadly refers to:Ecological Debt broadly refers to: Historical and continuing plunder, exploitation Historical and continuing plunder, exploitation

and destruction of the ecological resources of and destruction of the ecological resources of the peoples & countries of the South by the peoples & countries of the South by northern countries, TNCs, elitesnorthern countries, TNCs, elites

Responsibility for policies and economic Responsibility for policies and economic activities imposed by the North on the South activities imposed by the North on the South that arethat are environmentally and ecologically harmfulenvironmentally and ecologically harmful undermine the ability of the South for sustainable undermine the ability of the South for sustainable

development, environmental and ecological development, environmental and ecological protectionprotection

Northern countries’ use of more than their fair Northern countries’ use of more than their fair share of ecological space & resources, & their share of ecological space & resources, & their abuse of the “commons”abuse of the “commons”

South Perspectives on Ecological Debt p3South Perspectives on Ecological Debt p3

EXAMPLES --EXAMPLES --

Extraction of the Souths’ natural resources by the Extraction of the Souths’ natural resources by the North: such as petroleum, minerals, marine, forest and North: such as petroleum, minerals, marine, forest and genetic resourcesgenetic resources

The use and degradation of the best lands, of water and The use and degradation of the best lands, of water and air, and of human energy in the South for crops to be air, and of human energy in the South for crops to be consumed in the north through unequal and harmful consumed in the north through unequal and harmful terms of tradeterms of trade

The appropriation & use of ancestral knowledge related The appropriation & use of ancestral knowledge related to seeds, medicinal plants & othersto seeds, medicinal plants & others

Northern corporations depositing harmful chemical and Northern corporations depositing harmful chemical and nuclear substances and toxic residuals in South nuclear substances and toxic residuals in South countriescountries

The contamination of the atmosphere by the The contamination of the atmosphere by the industrialized the countries through their much larger industrialized the countries through their much larger share of carbon emissionshare of carbon emission

Climate DebtClimate Debt

Culled from TWN Primer and as advanced by a Culled from TWN Primer and as advanced by a growing number of Heads of State, Ministers, growing number of Heads of State, Ministers,

government officials, non-governmental government officials, non-governmental organizations and social movements organizations and social movements

representing indigenous peoples, development, representing indigenous peoples, development, gender, organized labor, environmental and gender, organized labor, environmental and

social justice groups in Africa, Asia, Latin social justice groups in Africa, Asia, Latin America, Europe and North America; Definition America, Europe and North America; Definition

as used in the Bolivian submission as used in the Bolivian submission

The concept of climate debtThe concept of climate debt

For their disproportionate contribution to the For their disproportionate contribution to the

causes of climate change and its adverse causes of climate change and its adverse

effects, developed countries owe a two-fold effects, developed countries owe a two-fold

climate debt.climate debt.

1. For over-using and substantially diminishing the 1. For over-using and substantially diminishing the

Earth’s capacity to absorb greenhouse gases –Earth’s capacity to absorb greenhouse gases –

have run up an “emissions debt” to developing have run up an “emissions debt” to developing

countries denying it to the developing countries countries denying it to the developing countries

that most need it in the course of their that most need it in the course of their

development – the developed countries. development – the developed countries.

The concept of climate debtThe concept of climate debt

2. For the adverse effects of these 2. For the adverse effects of these excessive emissions – contributing to the excessive emissions – contributing to the escalating losses, damages and lost escalating losses, damages and lost development opportunities facing development opportunities facing developing countries – the developed developing countries – the developed countries have run up an “adaptation debt” countries have run up an “adaptation debt” to developing countries. to developing countries.

The sum of these debts – emissions debt The sum of these debts – emissions debt and adaptation debt – constitutes the and adaptation debt – constitutes the “climate debt” of developed countries.“climate debt” of developed countries.

Emissions debtEmissions debt

The extent of developed countries’ The extent of developed countries’ emission debt reflects their excessive emission debt reflects their excessive past, present and proposed future use of past, present and proposed future use of shared environmental space. With less shared environmental space. With less than 20% of the population, developed than 20% of the population, developed countries have produced more than 70% countries have produced more than 70% of historical emissions since 1850 (Figure of historical emissions since 1850 (Figure 1), far more than their fair share basd on 1), far more than their fair share basd on equal per-person emissions (Figure 2). equal per-person emissions (Figure 2).

Emissions debt-2Emissions debt-2 Figure 1: Actual historical emissionsFigure 1: Actual historical emissions

Figure 2: Equal individual sharesFigure 2: Equal individual shares

Emissions debt - 3Emissions debt - 3

After diminishing the Earth’s environmental After diminishing the Earth’s environmental space – denying it to poor countries and space – denying it to poor countries and communities – the same rich countries now communities – the same rich countries now propose consuming a disproportionate propose consuming a disproportionate share of the remaining space through until share of the remaining space through until 2050 (Figure 3) when compared to an equal 2050 (Figure 3) when compared to an equal per-capita share (Figure 4).*per-capita share (Figure 4).*

**This analysis focuses on emissions from fossil fuel use and assumes This analysis focuses on emissions from fossil fuel use and assumes Annex I countries reduce by around 30% by 2020 (as proposed by Annex I countries reduce by around 30% by 2020 (as proposed by the EU) and 85% by 2050, and that global emissions reduce by the EU) and 85% by 2050, and that global emissions reduce by around 80% by 2050 (which still involves significant risk of around 80% by 2050 (which still involves significant risk of exceeding 2exceeding 2C and associated harm and costs). C and associated harm and costs).

Emissions debt - 4Emissions debt - 4 Figure 3: Proposed future emissions (by EU)Figure 3: Proposed future emissions (by EU)

Figure 4: Equal individual sharesFigure 4: Equal individual shares (future) (future)

Emissions debt - 5Emissions debt - 5

Developed countries representing a minority of Developed countries representing a minority of people have appropriated the major part of a people have appropriated the major part of a shared global resource for their own use – a shared global resource for their own use – a resource that belongs to all and should be fairly resource that belongs to all and should be fairly shared with the majority of people. shared with the majority of people.

By basing their future “assigned amounts” of By basing their future “assigned amounts” of emissions on their past excessive levels, they are emissions on their past excessive levels, they are effectively proposing to write-off the full amount effectively proposing to write-off the full amount of their historical emissions debt (figures 1 and of their historical emissions debt (figures 1 and 2), and to simultaneously appropriate trillions of 2), and to simultaneously appropriate trillions of dollars of remaining atmospheric space which dollars of remaining atmospheric space which should rightfully be allocated to the South (figures should rightfully be allocated to the South (figures 3 and 4).3 and 4).

Emissions debt- 6Emissions debt- 6

Their proposals, if adopted, would lock Their proposals, if adopted, would lock developing countries into low and rapidly developing countries into low and rapidly decreasing per-capita shares, denying them decreasing per-capita shares, denying them the environmental space needed to build the the environmental space needed to build the houses, schools, roads and infrastructure houses, schools, roads and infrastructure that developed world already has. Their that developed world already has. Their proposals would deepen the debt of proposals would deepen the debt of developed countries rather than honoring it, developed countries rather than honoring it, leveraging past injustices into a future leveraging past injustices into a future climate regime, and proposing a system in climate regime, and proposing a system in which the “polluter profits” and the “poor which the “polluter profits” and the “poor pays” for the excessive historical and pays” for the excessive historical and current consumption of the rich countries.current consumption of the rich countries.

Adaptation debtAdaptation debt

As well as freeing up environmental space, As well as freeing up environmental space, developed countries must accept responsibility developed countries must accept responsibility for the adverse effects of their historical and for the adverse effects of their historical and continuing high per-person emissions on poor continuing high per-person emissions on poor communities and countries. Among the hardest communities and countries. Among the hardest hit are:hit are:

– Farmers and farming communitiesFarmers and farming communities. In some . In some countries rain-fed agriculture is expected to drop by countries rain-fed agriculture is expected to drop by up to 50% by 2020, leaving millions of people up to 50% by 2020, leaving millions of people without food.without food.

– Indigenous and local communitiesIndigenous and local communities. Indigenous . Indigenous peoples and local communities are harmed by peoples and local communities are harmed by changing ecosystems and threats to traditional changing ecosystems and threats to traditional livelihoods.livelihoods.

Adaptation debt-2Adaptation debt-2

– WomenWomen. 70% of the world’s poor are women. . 70% of the world’s poor are women. Women provide half of the world’s food. They Women provide half of the world’s food. They are hardest hit by climate change and must are hardest hit by climate change and must be at the center of any solution.be at the center of any solution.

– Poor communities.Poor communities. At particular risk are At particular risk are people concentrated in high-risk areas, such people concentrated in high-risk areas, such as coastal and river flood plains, or areas as coastal and river flood plains, or areas prone to extreme weather events.prone to extreme weather events.

Adaptation debt-3Adaptation debt-3

– People relying on scarce water People relying on scarce water resources.resources. Between 75 and 250 million of Between 75 and 250 million of people are likely to face increased water people are likely to face increased water stress by 2020 due to climate change.stress by 2020 due to climate change.

– Communities susceptible to health Communities susceptible to health impacts.impacts. The health of millions of people The health of millions of people will likely be affected through increased will likely be affected through increased malnutrition, increased disease burden malnutrition, increased disease burden and death and injury due to extreme and death and injury due to extreme weather events.weather events.

Adaptation debtAdaptation debt These impacts are caused by the historical emissions that These impacts are caused by the historical emissions that

have led to current levels of warming, and that will lead to have led to current levels of warming, and that will lead to considerable future “committed” warming as the Earth’s considerable future “committed” warming as the Earth’s oceans and other systems warm. The very existence of oceans and other systems warm. The very existence of some communities is threatened while others face serious some communities is threatened while others face serious impediments to their efforts to lift billions of people out of impediments to their efforts to lift billions of people out of poverty and to promote development. poverty and to promote development.

There is no way to predict the full extent of future adverse There is no way to predict the full extent of future adverse impacts and costs – emission pathways are uncertain and impacts and costs – emission pathways are uncertain and the climate system is too complex. However, any just the climate system is too complex. However, any just approach to climate change must ensure that those who approach to climate change must ensure that those who have benefited in the course of causing climate change have benefited in the course of causing climate change compensate the victims of climate change. They should compensate the victims of climate change. They should cover the full costs of avoiding adverse impacts and provide cover the full costs of avoiding adverse impacts and provide compensation for those harms that cannot be avoided. This compensation for those harms that cannot be avoided. This constitutes the adaptation debt of the rich industrialized constitutes the adaptation debt of the rich industrialized world to poor countries, communities and people. world to poor countries, communities and people.

Climate debt as a component of Climate debt as a component of ecological debtecological debt

Climate debt is a component of the Climate debt is a component of the larger ecological debt, reflecting the larger ecological debt, reflecting the excessive pollution and over-use by the excessive pollution and over-use by the wealthy of the goods and services wealthy of the goods and services provided by nature provided by nature

The United States’ ecological footprint The United States’ ecological footprint per person (measured as the productive per person (measured as the productive land and sea required to provide land and sea required to provide resources and to absorb wastes) is more resources and to absorb wastes) is more than four times the globally sustainable than four times the globally sustainable level, more than four times China’s and level, more than four times China’s and more than nine times India’s.more than nine times India’s.

Ecological Debt and climate debt– Ecological Debt and climate debt– relevant to the UNFCCC concept of relevant to the UNFCCC concept of “common but differentiated “common but differentiated responsibilities”responsibilities”

Ecological debt and climate debt as Ecological debt and climate debt as basis for “differentiated basis for “differentiated responsibilities”responsibilities”

Climate Finance – partly reparations Climate Finance – partly reparations for Ecological Debt and climate debt – for Ecological Debt and climate debt – a responsibility and obligation on the a responsibility and obligation on the part of northern countriespart of northern countries

Reparations for Climate DebtReparations for Climate Debt The wealthy industrialized world must take The wealthy industrialized world must take

responsibility for repaying the full measure responsibility for repaying the full measure of their climate debt. Doing so is not merely of their climate debt. Doing so is not merely right; it also provides the basis of an right; it also provides the basis of an effective climate solution. At the minimum:effective climate solution. At the minimum:

– Northern countries repay the full measure of Northern countries repay the full measure of their adaptation debttheir adaptation debt to South countries and to South countries and communities who did little to cause climate communities who did little to cause climate change and are its first victims. They must change and are its first victims. They must provide financing and technology to ensure full provide financing and technology to ensure full compensation for losses suffered, and the means compensation for losses suffered, and the means to avoid or minimize future impacts where to avoid or minimize future impacts where possible. They should commit to provide for full possible. They should commit to provide for full reparations for their adaptation debt to reparations for their adaptation debt to developing countries, commencing immediately. developing countries, commencing immediately.

Repaying Climate Debt - 3Repaying Climate Debt - 3

Developed countries must provide the financing Developed countries must provide the financing and technologyand technology required by developing required by developing countries to live under the twin constraints of a countries to live under the twin constraints of a more hostile climate and restricted atmospheric more hostile climate and restricted atmospheric space. They must honor their obligation to space. They must honor their obligation to provide the full incremental costs of emission provide the full incremental costs of emission reductions undertaken in developing countries, reductions undertaken in developing countries, so that these countries can play their part in so that these countries can play their part in curbing climate change, while still meeting the curbing climate change, while still meeting the

needs and aspirations of their people.needs and aspirations of their people.

Debt and ClimateDebt and Climate Illegitimate DebtIllegitimate Debt

Debt Cancellation and Debt Cancellation and Debt RepudiationDebt Repudiation

ILLEGITIMATE DEBTILLEGITIMATE DEBT -- -- Now a major Now a major focus of many debt campaigns all over focus of many debt campaigns all over the world, North and Souththe world, North and South

Issues, implications and consequences Issues, implications and consequences of the debt burden beyond simply the of the debt burden beyond simply the impacts of debt service.impacts of debt service.

Basic DefinitionBasic Definition Illegitimate Debts are those which cannot be Illegitimate Debts are those which cannot be

rightfully claimed as debts of the peoples of rightfully claimed as debts of the peoples of the South. the South.

Involve the gross violation of of basic Involve the gross violation of of basic assumptions of debt contracts, as well as assumptions of debt contracts, as well as widely accepted ethical, social, political, widely accepted ethical, social, political, economic, environmental values, economic, environmental values, standards and principles. standards and principles.

Cause harm to the well being of the Cause harm to the well being of the people and communities in whose name people and communities in whose name the debts were incurred and who are the the debts were incurred and who are the ones paying for these debts.ones paying for these debts.

Relevance to Climate Change Relevance to Climate Change and Struggle for Climate Justiceand Struggle for Climate Justice

Loan – financing of projects which Loan – financing of projects which directly exacerbate climate change are directly exacerbate climate change are illegitimateillegitimate

fossil fuel extraction, production and fossil fuel extraction, production and distributiondistribution

big infrastructure projects that involve big infrastructure projects that involve deforestation and cause other deforestation and cause other environmental damageenvironmental damage

othersothers

Relevance to Climate Change & Climate Relevance to Climate Change & Climate JusticeJustice

Loans with conditionalities that lead to Loans with conditionalities that lead to worsening of climate change – are worsening of climate change – are illegitimateillegitimate

deregulation and liberalization of deregulation and liberalization of industries, including extractive industriesindustries, including extractive industries

promotion of export industries leading to promotion of export industries leading to changes in agriculture: land use policy, changes in agriculture: land use policy, crop conversion increase in food crop conversion increase in food imports, increase in production of imports, increase in production of biofuels, etcbiofuels, etc

othersothers

Relevance to Climate Change & Climate Relevance to Climate Change & Climate JusticeJustice

Illegitimacy of Debt includes Illegitimacy of Debt includes

Impact of huge debt service on the Impact of huge debt service on the capacity of countries, communities and capacity of countries, communities and people to deal with the effects of climate people to deal with the effects of climate changechange

Debt financing supports a paradigm and a Debt financing supports a paradigm and a system that is high-growth, high system that is high-growth, high consumption, highly-wasteful, profit-driven consumption, highly-wasteful, profit-driven and predatory, poverty-creating, and predatory, poverty-creating, destructive, unsustainable and reliant on destructive, unsustainable and reliant on fossil fuelfossil fuel

Convergence of the Struggles against Convergence of the Struggles against Illegitimate Debt and Climate ChangeIllegitimate Debt and Climate Change

Integrating the climate question in the Integrating the climate question in the definition of what is unacceptable and definition of what is unacceptable and illegitimateillegitimate

Using the campaign against Using the campaign against illegitimate debt to raise understanding illegitimate debt to raise understanding about climate change and promoting about climate change and promoting calls for climate justicecalls for climate justice

Estimates of Estimates of CLIMATE FINANCECLIMATE FINANCE

Requirements Requirements

FOR MITIGATION - emission emission reductions and shift to low carbonreductions and shift to low carbon

Stern Review estimates that stabilization Stern Review estimates that stabilization at 500 CO2-equivalent would cost about at 500 CO2-equivalent would cost about 2% of Gross World Product (currently 2% of Gross World Product (currently $1.2 trillion) annually.$1.2 trillion) annually.

Costs should be higher as the latest Costs should be higher as the latest science says the necessary stabilization science says the necessary stabilization level  more demanding (350 ppm in CO2 level  more demanding (350 ppm in CO2 terms) terms) 

FOR ADAPTATION FOR ADAPTATION ---- dealing dealing with the impacts (already in place, with the impacts (already in place, as well as projected)as well as projected)

Cost projections vary - from US$50 Cost projections vary - from US$50

billion to US$180 billion a yearbillion to US$180 billion a year

The total costsThe total costs of both mitigation of both mitigation and adaptation is in the and adaptation is in the trillions of trillions of dollarsdollars

WHAT ARE THE WHAT ARE THE

FUNDING MECHANISMS IN FUNDING MECHANISMS IN PLACE?PLACE?

INTERNATIONAL MECHANISMSINTERNATIONAL MECHANISMS

Mechanisms under the UNFCCCMechanisms under the UNFCCC

Mechanisms under the IFIs – Mechanisms under the IFIs –

World Bank and ADB and World Bank and ADB and

othersothers

PrivatePrivate

Proposal for a New Proposal for a New Global Climate FundGlobal Climate Fund

Key Features of the proposed Key Features of the proposed New Global Climate FundNew Global Climate Fund

Representative GovernanceRepresentative Governance Democratic, transparent, and accountable to Democratic, transparent, and accountable to

all, especially to the communities most all, especially to the communities most affected by global warmingaffected by global warming

Strong, direct equitable representation of Strong, direct equitable representation of South countries in decision-making and South countries in decision-making and technical bodiestechnical bodies

Strong representation of civil society groups, Strong representation of civil society groups, social movements and indigenous peoples, social movements and indigenous peoples, from South and North countries in all from South and North countries in all governance structuresgovernance structures

Key Features of a New Global Climate Fund p2Key Features of a New Global Climate Fund p2

Participatory Planning Participatory Planning Assist countries with financial and technical Assist countries with financial and technical

support to carry out support to carry out national climate action plans national climate action plans formulated through a sovereign and democratic formulated through a sovereign and democratic process; This process; This includes the full participation of includes the full participation of peoples most affected by climate chanepeoples most affected by climate chane

Plans include actions and policies that will enable Plans include actions and policies that will enable people and communities to deal with the impacts people and communities to deal with the impacts of global warming and ensure the shift to low-of global warming and ensure the shift to low-carbon economies (addressing the energy, carbon economies (addressing the energy, transportation, and agricultural sectors among transportation, and agricultural sectors among others)others)

Key Features of a New Global Climate Fund p3Key Features of a New Global Climate Fund p3

Substantial, obligatory & automatic funding based on the principle of “common but differentiated responsibilities”

New Global Climate Fund needs to be large New Global Climate Fund needs to be large enough to provide for separate financing windows enough to provide for separate financing windows for mitigation, adaptation, and reducing emissions for mitigation, adaptation, and reducing emissions from deforestation and degradation.from deforestation and degradation.

Core financing of this Global Fund must be obligatory and automatic rather than voluntary

It should be based on the principle of “common but differentiated responsibilities” consistent with countries’ historical & current contributions to global warming and their capacity to pay

Key Features of a New Global Climate Fund p4Key Features of a New Global Climate Fund p4

Resources for Capacity Building of Developing Countries

For development, application, transfer & dispersal of sustainable and equitable technologies, practices and processes according to developed country obligations

For building local capacity and expertise, and to developing appropriate technologies and people-centered strategies for coping with a shifting climate.

Financing should exclude sources that degrade the Financing should exclude sources that degrade the environment, threaten human health, and cause environment, threaten human health, and cause massive community dislocation like nuclear energy, massive community dislocation like nuclear energy, agro-fuels &large hydropower projectsagro-fuels &large hydropower projects

Key Features of a New Global Climate Fund p6Key Features of a New Global Climate Fund p6

Access for the Most Vulnerable Financing for governments, but also for

people’s organizations, NGOs & community-based groups

Financing for activities on indigenous lands (ex. forest protection & restoration) should go directly to indigenous peoples’ organizations

Equitable decision making power for women, over how funds are accessed, used and evaluated

Clear, transparent and simple process for accessing resources to encourage the most vulnerable communities to avail of support

Key Features of a New Global Climate Fund p7Key Features of a New Global Climate Fund p7

Strengthens Rights Activities and policies must be consistent with

and underscore the UN Universal Declaration of Human, the UN Declaration on the Rights of Indigenous Peoples and other similar global agreements

Must uphold the right to sustainable development - with full cost support for non-fossil fuel based, truly renewable energy

The fund should strengthen peoples’ right to food and energy sovereignty, and gender justice.

Ideas for Financing for New Global Ideas for Financing for New Global Climate FundClimate Fundo Taxes on bunker fuels, aviation, fossil fuel Taxes on bunker fuels, aviation, fossil fuel

exports and other sources of greenhouse-exports and other sources of greenhouse-gas emissions; gas emissions;

o Levies on Gross National Product and Levies on Gross National Product and historical responsibility; historical responsibility;

o Carbon debits on investments for their Carbon debits on investments for their contribution to greenhouse gas emissionscontribution to greenhouse gas emissions

o Auctions of national and international Auctions of national and international greenhouse gas emissions permitsgreenhouse gas emissions permits

o Currency transaction taxes (CTT); and Currency transaction taxes (CTT); and bonds.bonds.

This call for a new Global Climate Fund builds This call for a new Global Climate Fund builds on the proposal of G77 and China for a new on the proposal of G77 and China for a new climate financing regime. It supports the climate financing regime. It supports the demand that no funds outside the UNFCCC demand that no funds outside the UNFCCC process, (ex: those of the World Bank) be process, (ex: those of the World Bank) be counted toward binding commitments. This counted toward binding commitments. This proposal goes further by elaborating just and proposal goes further by elaborating just and fair principles that must be at the core of any fair principles that must be at the core of any climate funds.climate funds.