The World Bank last year estimated that US$75-100 billion per year is needed for poor countries to adapt to climate change, if global warming levels remain at 2 degrees Celsius. The non-binding pledges made at Copenhagen last year by rich countries will see levels move towards a staggering 4 degrees Celsius. The US$100 billion a year pledged by rich nations at Copenhagen is nowhere near enough the amount needed to adequately help vulnerable nations deal with the ramifications of climate change.
In this report, published to coincide with the re-opening of climate negotiations in Bonn, Oxfam argues that climate finance needs to be doubled to at least US$200 billion per year by 2020. The report shows how rich countries can raise hundreds of billions of dollars in public finance each year, using methods that won’t break the bank. Increasing the amount of climate financing is a critical investment between rich and poor countries in creating a common future. Reducing the impacts of climate change runs deeper than rich countries simply cutting down on their emissions – how rich countries help developing countries curb their emissions is equally as important. More money is needed to foster cleaner development in developing countries.
