One of the achievements emerging from the Nov 29 to Dec 10  United Nations Climate Change Conference in Cancun, Mexico, was the establishments of funds offering financing to countries going green and recovering from the effects of Climate Change.

"Fast Start funds, [in the amount of] US$30 billion dollars, is  available between now and the end of 2012, for developing countries to access  in response to climate change," said Leon Charles, the lead negotiator that traveled with the Grenadian delegation.

According to Charles, money is available for developing countries that wish to implement projects to help counteract problems caused by climate change. All that is necessary, however, is for those countries to submit their proposals to developed countries interested  in assisting in that particular area.

Another source of funding made available, said the negotiator, is through the newly established Adaptation Fund.  Adaptation helps countries to adjust their human and or natural systems to moderate the potential harm, as well as exploit the possible benefits that may result from the effects of climate change. 

With the establishment of the fund, countries such as Grenada, can have immediate access to grants, once a National Implementing Agency is established. This Agency would be used to  accept and manage proposals submitted for intended projects. 

An agreement was also reached between member states to establish a Green Climate Fund. According to Charles, it "should manage by 2020, US$100 billion," allowing long term financing opportunities for interested countries. 

The fund, which will be managed by a Board of Directors, may be especially advantageous to small island states.

"We were able to get members from the small islands onto the board of the Green Fund," Charles said. "That is important because the board is the one that sets the processes and the procedures. From  experience, sometimes the requirements for accessing the funds are difficult for us to meet as small island states. By having someone on the board,  it will give us some guarantee that the procedures for accessing those funds, are procedures which we can live with." 

The Green Fund is expected to be operational by the end of 2012.  It's establishment and the opportunities it will bring is "a step in the right direction," said Prime Minister Tillman Thomas.