Document summary
S&P believes the UNFCCC Cancun agreements (Mexico, December 2010), adopted by 193 countries may lead to progress towards less deforestation, an increased transfer rate of low-carbon technology to developing countries and the establishment of a Green Credit Fund potentially worth up to $100 billion per year aimed at helping developing countries mitigate and adapt to climate change. The Cancun agreements re-emphasised the view of signatory countries as to the relevance of global carbon markets as a means of raising climate finance and expressed support for existing project-based financing solutions such as the Clean Development Mechanism established under the Kyoto Protocol.