The Cancun Agreements are bad for the world, unfair to the South’s vulnerable people, and soft on the North. Of the promised $30 billion “fast track†finance by 2012, the North has so far mobilised only $4.5 billion. A good chunk of Northern assistance will come from the private sector and take the form of loans or equity. Some of it won’t be “new and additional funding,†but will be taken out of existing aid flows.