Tagged: Climate Change
Oxfam has today warned that the $100billion a year pledged by rich nations to help fight climate change could fail the poorest people, if recent moves to deliver climate cash as loans continue.
The European Union is failing to give full details about its €7.2 billion pledge for immediate climate finance needs in developing countries. By not being fully transparent, the EU is undermining trust with developing countries.
The United Nations’ Adaptation Fund has announced today that Spain is offering €45 million ($60 million) for short-term climate change adaptation needs in developing countries.
Small-scale farmers and pastoralists in Ethiopia are likely to bear the brunt of the negative impacts of climate change in the region, which will include increasing poverty, water scarcity, and food insecurity, according to a new Oxfam report.
The fact that the IMF is proposing that adaptation efforts are funded by grants rather than loans is positive. But this will only work if developed countries ensure the money is there to resource this vital assistance to vulnerable countries.