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View all search resultsOxfam calls for more money for climate fund
International aid agency Oxfam has said it welcomed the US$9
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I
nternational aid agency Oxfam has said it welcomed the US$9.2 billion in pledges to the Green Climate Fund (GCF) announced by governments ahead of the Lima Climate Summit, but cautioned that the sum represented the bare minimum necessary.
Oxfam said it and a number of countries had called on governments to provide $10-15 billion to capitalize the fund before the next round of UN climate negotiations in Lima, Peru, in December; the total $9.2 billion pledged falls short of this target.
'Poor people around the world are trying to build resilient communities and fight back against longer droughts, harsher storms and stronger floods,' Alison Woodhead, head of Oxfam's GROW campaign, said in a release made available to The Jakarta Post on Friday.
She said developed countries had to show they were serious about fulfilling their commitment to the small farmers, fisherfolk and small business owners who were the true leaders in the global response to climate change.
'These pledges will help get the fund off the ground, but they are only a modest first step. Every dollar we invest in preparedness today can save up to seven dollars in future costs,' Woodhead said.
The $9.2 billion in funds was announced in a recent pledging conference in Berlin, which was convened to get the GCF up and running with a strong base of financial support. Countries including Australia, Austria, Belgium, Canada and Ireland have still not made any pledge.
The GCF aims to help developing countries to reduce greenhouse gas emissions, prepare for the unavoidable impact of a changing climate and to develop in a sustainable way.
Developed countries have promised to mobilize $100 billion per year in climate finance by 2020, a large portion of which is expected to be channeled through the GCF.
Some pledges that have been announced still lack crucial details including whether they are from loans, are reallocated from existing aid or have unknown strings attached, Oxfam says.
'Financial support from developed countries should be a building block for a global climate agreement, not a stumbling block,' said Woodhead. (ebf)(+++)
