The financial, technology and capacity-building support agreed in Cancun applies to both mitigation and adaptation actions by developing countries. The details of these cross-cutting elements of the agreement follow:
In order to strengthen technology development and transfer, Governments decided to establish a Technology Mechanism, which will be accountable to the COP. Governments agreed that the Technology Mechanism should be fully operational in 2012.
The mechanism includes a Technology Executive Committee (TEC), which will strengthen the development and deployment of new technologies, as well as strive to increase public and private investment in technology development and transfer. The TEC will hold its first meetings in the course of 2011.
The TEC will also assist in providing an overview of needs for the development and transfer of technologies for mitigation and adaptation. Additionally, it will recommend policies and actions to boost technology cooperation.
The Technology Mechanism also includes a Climate Technology Centre and Network (CTCN) to facilitate national, regional, sectoral and international technology networks, organizations and initiatives. The CTCN will aim to mobilize and enhance global clean technology capabilities, provide direct assistance to developing countries, and facilitate prompt action on the deployment of existing technologies. Furthermore, the centre will encourage collaboration with the private and public sectors, as well as with academic and research institutions, to develop and transfer emerging technologies to the best effect. Further work on the relationship between these new institutions, their governance and links with the financial mechanism are needed in 2011.