Rich countries coalesce around $100 billion figure

As the US, Ethiopia and European Union, including France, Germany and the UK coalesce around a climate finance package of $100bn, Jeremy Hobbs, Executive Director of Oxfam International said:

“It’s good news that discussions on climate cash have finally got moving after two long years of delay but this needs to be the start of the conversation – not the end.  $100bn is half the amount poor countries need to reduce their emissions and adapt to a changing climate. The money must come from public sources - not be subject to the whims of the markets - and it must not be diverted from existing aid promises. Poor countries will still need to build schools and hospitals – as well as flood defences.”

Oxfam is calling for rich countries to provide at least $200bn a year in new money to help poor countries adapt to a changing climate and reduce their emissions.

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