We will save the markets, not the climate. That is how we can summarize the outcome of the 17th Conference of Parties (COP17) to the United Nations Framework on Climate Change (UNFCC) which took place in Durban, South Africa between 28 November and 10 December 2011. . . . They postponed any real action until 2020 and ruled out any binding regulations to reduce greenhouse gas emissions. It was the representatives of the most polluting countries, headed by the United States, who argued for an agreement based on voluntary reductions and opposed any binding mechanism. . . . With regard to the Green Climate Fund, as a first step, rich countries pledged to contribute up to $30 billion in 2012 and 100 billion per year until 2020. In the first place these amounts are insufficient. Further, no source of public funds has been identified. Therefore, the doors are wide open to private investment run by the World Bank. As has already been noted by social movements, this is a strategy to "transform the Green Climate Fund into a greedy employers' fund".

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