Adaptation and the $100 billion Commitment

Private finance has a vital role to play in the global response to climate change, but it is not a substitute for public finance. Developed countries have committed to mobilizing $100 billion in climate finance per year by 2020 to support climate adaptation and mitigation in developing countries. Reliance on private finance over public to meet these financing goals presents a triple whammy for pro-poor adaptation.

Private finance will struggle to meet the essential adaptation needs of poor and marginalized people; it overwhelmingly favours mitigation over adaptation; and it favours richer developing countries over less developed countries.

COP-19 in Warsaw in November 2013 must turn ambiguity into action by advancing strategies to scale-up public finance for adaptation, and by providing assurances that commitments to critical support for the world’s poorest countries and communities over the coming years will be met.

Adaptation and 100 billion

 

Adaptation and the $100 billion Commitment
Why private investment cannot replace public finance in critical climate adaptation

Publication Date: 
November 2013
Publication Author: 
Oxfam International