But at least $200bn a year is needed in new money to help poor countries
Rich countries coalesce around $100 billion figure
“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.”
Jeremy Hobbs
Executive Director of Oxfam International
Published: 17 December 2009
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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Notes to Editors
Oxfam’s Climate Advisors from around the globe are available to provide expert analysis on policy and politics of the talks. Our team of experts is liaising closely with government delegations and party to inside information on the talks.