The 16th Conference of the Parties to the UN Framework Convention on Climate Change took place in Cancún, Mexico, from 29 November to 10 December 2010.

The Council exchanged views on the outcome and follow-up to the UN climate conference in Cancún, which discussed the global framework for climate protection.

The president drew the following conclusions from the debate.

The Cancún Climate Conference had a positive and forward-looking outcome which allows for immediate and concrete actions on the ground and lays the foundation of a global and comprehensive post-2012 outcome. This outcome reconfirms the strength of the multilateral process in order to find global solutions to global problems.

There are a number of very positive steps:

the establishment of the Cancún Adaptation Framework aimed at enhancing action on adaptation in a coherent manner; the agreement on policy approaches and positive incentives to reduce emissions from deforestation and forest degradation, conserve and enhance forest carbon stocks and sustainably manage forests; the establishment of the Green Climate Fund and of the Technology Mechanism; the provisions on transparency; the anchoring of the mitigation commitments and actions in the UN framework under both the Kyoto Protocol and the Convention; the process to increase the level of ambition of the commitments in order to hold the global temperature increase below 2ºC above pre-industrial levels.

But there is still a lot of work to do. There is an urgent need to reach and outcome in the UN framework by the end of next year; to this end, a clear EU strategy is needed.

The Council adopted the following conclusions on climate finance :

The Council reaffirms the collective commitment by developed countries in the Copenhagen Accord to provide new and additional resources, including forestry and investments through international institutions, approaching USD 30 billion for the period 2010 - 2012 . It also recalls the commitment of the EU and its Member States to provide EUR 7.2 billion cumulatively over the period 2010 – 2012, and to present a comprehensive fast start finance report in Cancun and thereafter on an annual basis.

In this context, the Council emphasises that the EU and its Member States have notably advanced in the implementation of their fast start commitments for 2010.

It reaffirms its commitment to establishing the Copenhagen Green Climate Fund as an operating entity of the financial mechanism of the Convention and supports the launch in Cancun, as part of a balanced package, of a process for setting up the Fund with a view to operationalising it at COP 17.

The Council takes note of the Final Report of the UN Secretary General's Advisory Group on Climate Finance (AGF), in particular the conclusion that it is challenging but feasible to meet the Copenhagen Accord goal of mobilising USD 100 billion per annum by 2020 for climate change in developing countries , subject to meaningful mitigation actions of developing countries and transparency on implementation through a combination of public finance, including innovative sources, and private finance.

The Commission and the EFC/ EPC are invited to prepare a detailed analysis based on the AGF report setting out the key elements of the mix of international and national, public and private finance instruments needed to deliver scaled-up financial flows after 2012 in the context of a binding and comprehensive global agreement.