adaptation finance

About Financial Transaction Tax (FTT) and innovative financing for development
 

A report on how to raise the billions of dollars needed by millions of poor people already affected by climate change must help jump start the delivery of climate financing.

The poorest people who need the most help to adapt to a changing climate are largely being bypassed by the small amount of climate funds now being disbursed, says a new Oxfam report published today at the UN climate change talks in Tianjin, China.

The European Union has failed to provide clarity about where the €7.2 billion [1] pledged at Copenhagen for immediate climate finance needs in developing countries will come from.

Oxfam International criticized today the agreement just reached by the Japanese Cabinet for watering down the country’s responsibility to contribute to global efforts to tackle climate change.

A High Level Panel to explore new ways of raising $100 billion a year to help poor countries adapt climate change and reduce their emissions was launched by the prime ministers of the UK and Ethiopia and the UN Secretary General today.

As the US, Ethiopia and European Union coalesce around a climate finance package of $100 billion, 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.

Oxfam International warned that world leaders have just two days to prevent failure at the climate talks in Copenhagen – poor countries will not sign a weak deal.

The European Union is rumored to be preparing just a token handout for climate action in poor countries for the next three years, with no guarantee that this money is going to come on top of existing aid commitments.

Oxfam called on the US to join Europe in laying its climate finance cards on the table as international climate talks opened in Barcelona today.