Oxfam welcomes IMF climate fund proposal

In reaction to a proposal today by the IMF for mobilizing financing to help developing countries confront the challenges posed by climate change, Oxfam spokesperson David Waskow made the following statement:

“We welcome today’s proposal as it shows that there are ways to deliver the massive scale of resources required for developing countries to fight climate change.

“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.

“Worryingly, what is not specifically laid out in today’s proposal is where this money will come from. Innovative financing mechanisms, such as funds from global aviation and maritime transport, as well as financial transaction taxes, must be put into action.

“In addition, any money raised must go through a fair and accessible fund that is accountable to the United Nations climate process.”

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International Monetary Fund's climate proposal (pdf)

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Oxfam's Climate Change campaign