Climate change funding to developing nations falls short of Paris Agreement goals

04, May 2018 | CJP Team

According to an Oxfam report, funding for poor nations to assist them in cutting greenhouse emissions and tackle climate change is falling short of pledges made by wealthier nations, the Guardian reported. The Paris climate agreement of 2015 reiterated the goal to supply $100 billion every year to developing countries by 2020 to tackle the issue. However, Oxfam said that funds from tax payers from wealthier countries amounted to around $48 billion in 2015-16. Oxfam found that just $16 billion to $21 billion of foreign aid pledges could be strictly as climate finance, if what was counted was just aid to be put towards cutting greenhouse emissions and adapting for climate change instead of broad social and economic development. Oxfam’s Tracy Carter, a senior climate change policy adviser, termed the funds going towards the poorest and most at risk communities “sadly inadequate“. Separately, Patricia Espinosa, current executive secretary for the United Nations Framework Convention on Climate Change (UNFCCC), said “Trying to address climate change at current financing levels is like walking into a Category 5 hurricane protected by only an umbrella”. Speaking to delegates of nearly 200 countries gathered in Bonn, Germany, Espinosa noted, “Right now we are talking in millions and billions of dollars when we should be speaking in trillions”. Countries’ representatives are in Germany to discuss rules for the Paris agreement. Oxfam’s complete report can be read here.