Climate Cash Promises Lack Clarity, Warn Poor Nations At UN Talks
A $50m fund will help developing countries monitor emissions, but calls to radically scale up cash for protection from extreme weather go unanswered.
Donors including the US, UK and Germany have stumped up a total of US$50 million to help developing countries better keep track of their greenhouse gas emissions.
The fund, to be managed by the Global Environment Facility, was launched at UN climate talks in Marrakech on Wednesday.
It is a small but targeted tranche of new cash, aimed at improving transparency and accuracy of national carbon accounts.
Naoko Ishii, chief executive of the GEF, said: “One key factor to the success of the Paris Agreement last year is its country-led approach. To make this approach work, it is absolutely crucial to build the confidence.”
Costa Rica, Kenya and South Africa are first to benefit from the initiative, which was a negotiated outcome of last year’s historic Paris climate summit.
More than 20 countries submitted proposals, Ishii said, showing a strong demand for the tools to monitor the effect of climate policies.
German Environment Minister Barbara Hendricks pledged €50m to the UN Adaptation Fund, although Jan Kowalzig, a finance expert with Oxfam, said the overall total from developed countries was still well below what is needed.
“According to OECD projections, by 2020 just a fifth of the promised $100-billion-a-year by 2020 will be public finance for adaptation. This is far below needs,” he said.
See more at: http://www.climatechangenews.com/2016/11/16/climate-cash-promises-lack-clarity-warn-poor-nations-at-un-talks/