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Wednesday, October 7, 2009

A New Framework for Funding Climate Adaptation?

OXFAM UK has prepared a briefing paper on financing climate adaptation in developing nations. In short, the brief calls for a framework built around fulfillment of the developed world pledge of providing development assistance equivalent to 0.7% of GDP as well as at least an additional US$50 billion in funding per year. At present, it doesn't appear that either goal is likely to be met in the near future. The paper also argues that existing funding arrangements are complex, uncoordinated and inefficient and, ultimately, the success of international efforts on greenhouse gas mitigation are dependent upon resolving these short-comings to ensure developing nations have a secure access to financing to address adaptation challenges.

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