Pressure grows for global climate cash to help hard-hit poor

Fri Oct 9, 2015 11:24am EDT
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By Megan Rowling

BARCELONA (Thomson Reuters Foundation) - As finance ministers from 20 developing states agreed on Thursday to work on boosting funding for climate action, officials and experts called for more finance to protect the world's poor from the effects of global warming.

Meeting for the first time in Lima, Peru, ministers from the Vulnerable Twenty (V20) group of countries - spanning Africa, Latin America and Asia-Pacific - said they expected rich governments to fulfill a pledge to mobilize $100 billion annually by 2020 from a range of sources, to help developing nations tackle global warming.

A study issued on Wednesday by the Organisation for Economic Co-operation and Development (OECD) and the Climate Policy Initiative showed donors are almost two-thirds of the way towards that goal, fixed in 2009, having spurred $61.8 billion in public and private climate finance in 2014.

"The world needs stronger voices from developing countries to draw more attention to their great needs for investment in fighting the impacts from climate change," World Bank Group President Jim Yong Kim said in a statement on the V20 meeting.

"This new group of 20 countries, led by the Philippines, will play an important role in pushing for greater investment in climate resiliency and low-carbon growth at home and internationally."

Aid experts said this week's climate funding estimates highlighted a lack of money to help poor communities cope with worsening extreme weather and rising seas as the planet warms.

Just 16 percent of $114 billion in climate finance for developing nations over 2013 and 2014 was allocated purely for adaptation measures, with 7 percent more going to projects that support both adaptation and mitigation efforts to cut emissions.

An alliance of small island states and a group of 112 civil society organizations noted that only donor countries had been involved in deciding what should count towards the $100 billion.   Continued...