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Turning Carbon into Gold

by Luna Allison | May 11, 2010

Recognizing that poor communities in developing
countries are the least responsible for climate change but most
vulnerable to its impacts, the Bali Action Plan calls for new and
additional resources’ and innovative finance mechanisms’ to address
urgent climate adaptation needs.

Oxfam suggests that new
financing mechanisms linked to emissions reduction regimes could be the
way forward in the post-2012 climate negotiations and yield the minimum
of $50 billion per year necessary for adaptation needs in developing

To finance adaptation needs in a post-2012 regime, Oxfam calls for the following:

  • A
    portion of the international emissions allowances allocated to each
    developed country with an emissions commitment should be set aside and
    auctioned off, rather than simply given away for free.
  • Revenues should be generated from international sectors that are currently not regulated under the Kyoto Protocol.
  • Funds
    should be delivered through a UN adaptation finance mechanism that is
    responsible for oversight and delivery with a focus on the perspectives
    and needs of those communities that are most vulnerable to the impacts
    of climate change.

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