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Wednesday, 17 April 2013

Cut to EU funding for climate change adaptation

Global funding for programs mainly focused on helping developing countries adapt to the effects of climate change fell from $3.1 billion in 2010 to $1.8 billion in 2011, the latest report on global spending levels on development aid of  the Organisation for Economic Cooperation and Development (OECD) - published on 3rd of April - shows.
Although the OECD has not yet released climate finance figures for 2012, research by Oxfam suggests that levels of public climate finance did not improve last year.
European governments funding fell from €1.4 billion in 2010 to €619 million in 2011 (a 55% drop).
At the 2009 Copenhagen talks, developed countries committed to provide climate finance balanced between adaption and emissions-mitigation programs. However, Oxfam analysis has shown that just 21% of the global available funds have gone to adaptation.
At the EU level,  the Fast Start Finance (the collective pledge for funds, started after the Copenhagen conference) has performed slightly better with a 30% destined for adaptation between 2010 and 2012 but is still far off a balanced 50% mark. OECD figures show that European targeted funding principally for mitigation purposes also declined by more than half in 2011.

Oxfam believes that the period between 2013 and 2015 will be crucial to deliver concrete results on climate finance, as a failure to do so may put at risk a global climate deal in 2015. Thus, the NGO suggest that at the UN talks (COP19) this December in Poland there should be three main objectives, namely: to set out a target for the public climate over the period 2013-2015, and towards 2020; to pledge funds to the Green Climate Fund at the latest by the end of COP19, and to agree for a minimum of 50% of all public climate finance between now and 2020 to be spent on adaptation.