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The failure of the Copenhagen summit, followed by the limited success achieved at Cancun with the establishment of the Green Climate Fund has raised key questions regarding the processes needed to finance and combine climate change and development objectives. International organizations need need to do more than just add climate as another priority area for the existing development infrastructure to address. Climate Change support is not about aid, with donors and recipients. It is about taking joint responsibility for a global problem, based on common but differentiated responsibilities. This article analyzes the necessary adaptation of the existing international aid and finance infrastructure to face climate change mitigation objectives. If existing IFIs are to meet evolving standards of legitimacy, then their fundamental governance structures, as well as their operational procedures, will need to be reformed to give greater voice to developing country recipients. In parallel, the next generation of climate finance organizations needs to promote the responsibility of recipient countries, by strengthening the national financing institutions that will implement mitigation and adaptation activities. This article will identify short and long term objectives and explain how they could be achieved through the study of past and ongoing international sustainable development projects and cooperation processes. One of the achievements of the UNFCCC negotiations in Cancun was the decision to establish a Green Climate Fund (GCF). Issues relating to what role it will play in providing sustainable finance at scale; how it will fit into the existing development assistance and climate financing architecture; how it will allocate finance to developing countries; and how finance will be delivered effectively, all remain to be clarified. This paper offers an early contribution to the debate by highlighting some of the more pressing design issues and describing the implications of these features. [ABSTRACT FROM AUTHOR]

Climate Change which is a major challenge for humanity, has emerged as an area of critical concern in the globalised world today. This problem is not amenable to national solutions and hence regional collaborative efforts to mitigate adverse impact of climate change are inevitable. The regional organization in South Asia, i.e., South Asian Association for Regional Cooperation (SAARC) has taken several initiatives in this direction. Climate Change was the main theme of the sixteenth SAARC summit held in Thimpu, Bhutan in April, 2010. The Summit declaration of this silver jubilee meeting of the Heads of States of SAARC was subtitled 'Towards a Green and Happy South Asia' to emphasise the focus on Climate Change. Climate Change has emerged as an important issue for SAARC as the entire region is threatened by its adverse impact. This issue has been in focus in SAARC forum ever since the Third Summit held in 1987. Thereafter, a number of projects were identified, various committees and working groups on issues related to Climate Change were set up. However, not much tangible has been achieved so far. This paper attempts to examine and analyze various initiatives taken by SAARC on Climate Change in the context global negotiations on this subject. Its focus is on the efficacy of SAARC as a regional organization to deal with these initiatives. Further, various problems facing SAARC while pursuing these initiatives have also been highlighted. Virtual failure of global and regional efforts due to prolonged, action-less deliberations, lack of political will to accept the inevitable and change course for the survival of humankind has been underlined. In conclusion, it has been emphasized that search for an alternative(to fossil fuels) source of renewable energy is the only hope for the future. [ABSTRACT FROM AUTHOR]