Climate change funding roadmap welcome, but leaves plenty of room for improvement
Donor countries today published a roadmap showing how, by 2020, they’ll provide $100 billion a year in financial support to help developing countries tackle climate change. In response, Isabel Kreisler, head of climate policy at Oxfam International, said:
“The roadmap, while long overdue, is a step forward in the world’s efforts to adapt to and combat climate change. Unfortunately, the roadmap’s projection to double the financial support to help countries adapt to climate change is nowhere near enough to ensure the needs of the most vulnerable are met.
“The increase means that by 2020, adaptation funds would amount to about 20% of the $100 billion promised in support. Meanwhile, the United Nations estimates that by 2030, developing countries could be facing costs of $140 to $300 billion per year to adapt to climate change.
“There is much more that can be done, starting in next month’s climate conference in Morocco. We urge donor countries to step up their efforts and lay the groundwork to quadruple adaptation support by 2020, and to work with developing countries to quickly make those funds accessible to those that need them the most.
“Climate impacts are already worsening poverty and hunger around the world. More than 40 million people in Southern Africa alone are facing food insecurity and humanitarian needs because of sustained drought. The fast ratification of the Paris Agreement shows world leaders understand the urgency. We hope they act with similar urgency to assist the people that are least responsible and most vulnerable to climate change.”
The roadmap can be read here.
The OECD analysis of climate finance can be read here.