Climate Finance: Up and Not Down!
To our freshly arrived negotiators, get ready for a major wake up call (or at least a loud and not particularly polite noise) on finance, when the countries most vulnerable to climate change will be rightly asking: what happens when Fast Start Finance runs out at the end of this year?
And what happens now that we know Fast Start Finance (the money pledged between 2010 and 2012) was mostly a false start? Yes, ECO did the maths and estimates only 33% of FSF was “new” money (that is, additional to existing, pre-Copenhagen pledges), and around 24% additional to existing aid promises. Only one-fifth of finance was spent on adaptation, and less than half was available as grants. It seems developed countries need to re-learn some basics about climate finance. Which part of “new and additional, predictable, and adequate in relation to rapidly spiralling needs…with balanced allocation between mitigation and adaptation” are they failing to understand?
And to those who need illustration of “spiralling needs”, please count the unprecedented number of climate related disasters in 2012 which – along with sea-level rise, and the gradual but deadly effects on agricultural and fresh water systems – mean that the bill from carbon pollution just keeps going up and up.
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