Oxfam reaction to the EU’s report announced at Cancun on Fast Start Financing

In response to the European Union’s report announced at Cancun on Fast Start Financing, Oxfam’s climate policy adviser Tracy Carty, said:

“The EU’s report underlines how the adaptation gap must be addressed with the utmost urgency. So far only 30 percent of its funds has been dedicated for people to protect themselves from climate impacts, despite the commitment in the Copenhagen Accord that funds must be balanced between adaptation and mitigation.
 
“A new Fair Climate Fund must be established at Cancun that ensures at least half of the funds are used for adaptation and delivered transparently so that it is spent most effectively and where it is needed most.”