Oxfam reaction to EU progress on fast-track cash for world’s poorest

Today at the UN climate change talks in Durban the European Union as a bloc has reported that it has spent €2.34 billion during 2011 as ‘fast start finance’.  This is part of the EU’s €7.2 billion contribution to the $30 billion committed by rich countries in Copenhagen to help poor countries adapt to a changing climate and curb their emissions between 2010-2012.

In response Lies Craeynest, Oxfam’s EU climate change policy advisor, said:

“We welcome that European governments are sticking to their commitment to help poor countries cope with the impact of climate change and develop in a low carbon way, particularly in the context of a very severe financial crisis.

“It is great news that Europe has provided fewer loans, as climate cash must not increase developing countries' debt. But it is shocking that even less money is going to adaptation than last year – the figures released today show that just 30% percent has been used to help developing countries adapt to the impact of climate change. It is now essential for Europe to lead the way in ensuring there is a balance of at least 50% of the funds to adaptation.”

“There are still question marks over how much of this fast-track cash is really new money -and not taken from existing aid budgets - which shows the need to agree on new sources of finance like a fair carbon charge on international shipping. Today the global shipping industry joined Oxfam and WWF to push for such a deal here in Durban."