Climate funds bypass hardest hit: Oxfam calls for a new global climate fund

The poorest people who need the most help to adapt to a changing climate are largely being bypassed by the small amount of climate funds now being disbursed, says a new Oxfam report published today at the UN climate change talks in Tianjin, China. The report, Righting Two Wrongs: Making a New Global Climate Fund Work for Poor People, shows that negotiators must create a Global Climate Fund that vulnerable populations in poor countries can access so that they are not left behind in proposed climate solutions. The study brings together evidence, which shows that in recent years:

* Less than a tenth of climate funds disbursed to date are estimated to have been for adaptation to help poor people in developing countries who are bearing the brunt of climate impacts.
* The world’s 49 poorest countries have received about one-eighth – $450m out of $3.5bn – of funding from the Global Environment Facility.
* Only $220m has been donated to fund adaptation plans (known as NAPAs) in the Least Developed Countries – just one tenth of the $2bn estimated total plan costs.

Oxfam is calling for a new Global Climate Fund to be set up at the UN climate summit in Cancún in December to govern public funds pledged by developed nations under the Copenhagen Accord. This fund must help address the failure to get adequate climate investments to poor people who bear the brunt of climate change’s impacts. “Righting Two Wrongs” calls for a new fund and broader finance system that is seen as legitimate by both developed and developing countries and that is representative, equitable, accountable, accessible, transparent and efficient. Poor governments must be able to directly access the fund and at least half of the money should be spent helping poor and vulnerable people adapt to a changing climate. In addition, a number of accountability measures are recommended, including ensuring that poor countries and women have an equal say in how the fund is managed and spent and that the fund is transparent as to where the money is going.

* Please find the report >>> here.