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Finance ministers in Lima agree to scale up climate funds, but not for the poorest
Oxfam welcomed reports of increased climate finance pledges made by finance ministers in Lima today, but warned that only a fraction is meant to help countries most vulnerable adapt to the devastating effects of climate change.
Oxfam estimates that just $2 billion per year is going to developing countries in adaptation grants.
Isabel Kreisler, Oxfam’s climate change policy expert said: “New pledges from the Netherlands, Luxembourg and multilateral development banks are welcome news, and should increase pressure on countries like the US, Australia, Japan and Canada that have yet to offer anything new.
“But ministers failed to address the elephant in the room: only a tiny fraction of climate funds are reaching the poorest countries to help them adapt to climate change. Only decisive action will reverse that trend.
“Ministers should agree on two things. First, at least 50% of public funding going towards the $100 billion goal should be for adaptation. Second, they should agree to set a new post-2020 adaptation funding target in the crucial Paris meetings in December.”
Simon Hernandez-Arthur in Lima: +1 (585) 503 4568