Progress Made in Fundraising for Poor to Fight Climate Change

The world’s richest countries mobilized $61.8 billion in public and private funds in 2014 to help poor countries combat and adapt to climate change, almost two-thirds of a goal to raise $100 billion a year starting in 2020, according to a report released on Wednesday.

The study by the Organisation for Economic Co-operation and Development and the Climate Policy Initiative aimed to provide the first clear snapshot of how far rich countries are from achieving the 2020 target, a key ingredient for a new global climate change deal later this year.

The estimate was based on flows of public-sector climate funds reported to the U.N. climate change secretariat from rich to poor countries through bilateral agreements, multilateral institutions and export credits, and private-sector money.

There has not been a clear system to track climate finance and ensure previous pledges are not double-counted, undermining trust between rich and poor countries in U.N. climate talks.

"This figure and the irreproachable methodology that underpins it is a major step in terms of credibility," said French Finance Minister Michel Sapin.
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More than two-thirds of the money was allocated to projects aimed at reducing carbon emissions in developing countries, with just 16 percent devoted to helping them cope with climate change impacts like flooding and droughts.

Developing countries have said grant-based finance for adaptation was a priority.
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The report will be discussed at a meeting of finance ministers on Friday in Lima, who are expected to use the findings to lay out a climate finance framework ahead of U.N. climate talks in Paris, which start on Nov. 30.

So far, Germany, France and the Asian Development Bank have announced new financial commitments by 2020.  Last month the UK announced a new multi-billion pledge between 2016 and 2021, and China said it would offer $3.1 billion.

Read more at Progress Made in Fundraising for Poor to Fight Climate Change