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Green Climate Fund
Oxfam welcomes today’s orientation debate on the EU Emissions Trading System as some Member States spoke out in favor of the ETS being a more predictable source of funds for climate action in poor countries.
EU environment ministers again acknowledged the importance of financial support for climate action in poor and vulnerable countries in the Paris climate agreement, but they must invest in the Green Climate Fund, says Oxfam.
The European Commission today published – as part of its “summer package” – a legislative proposal to reform the EU Emissions Trading Scheme (ETS). The Commission has failed to use this key opportunity to help address a key stumbling block in the climate negotiations: the provision of predictable and additional climate finance.
Norway's announcement of $230 million USD welcomed, but still a long way to go to reach the Fund's unofficial goal of $10 billion.
The UNFCCC report on climate finance says that between $340 and $650 billion in finance for climate action is flowing globally with $40-175 billion going to developing countries each year. This report on climate finance makes one thing abundantly clear: only a small proportion of climate finance is flowing from developed countries to developing countries.
Observers at UN Climate talks in Lima have called for strong and clear rules relating to climate finance after a scandal shows Japan is claiming funds to a coal-power plant as being ‘green.'
The announcement of $9.2 billion in pledges to the Green Climate Fund ahead of the Lima climate summit is welcome but only a bare minimum, says Oxfam.
Multiple reports this morning indicate that the Obama administration plans to announce a $3 billion pledge to the Green Climate Fund at the G20 in Australia this weekend.
Many countries in Asia, including Bangladesh, Viet Nam, Indonesia, Pakistan, and the Philippines, should invest more in their governments’ capacity to protect their citizens given the region's vulnerability to climate change.