Contents with tag: climate finance
Five years from the next big ‘deadline on climate’, world leaders are still negotiating over deadlines. They are nowhere near agreeing on, much less mobilizing, even a basic roadmap for ensuring the fulfillment of commitments made by northern countries to the global south. This includes bankrolling US $100 billion of climate finance to developing countries every year by 2020, an amount climate scientists estimate is itself barely enough to meet the challenges we face.
Clearly, poor people in the developing world who contributed least to climate change are also the first and foremost affected by it.
Poor people especially in the developing world are already bearing the negative impacts of climate change. Because drastic mitigation through substantive reduction in GHG emissions especially from the industrialized North has yet to take off, climate change is likely to get worse and extend further into the future. It threatens to undermine a wide range of human rights of present and future generations. It also threatens to push people into poverty and underdevelopment, and lock millions deeper into it. Adaptation is looking to be a long-term requirement poor countries are most compelled but least equipped to undertake. They need a system that will deliver adequate and effective financing for climate action, especially adaptation.
Despite the woeful inadequacy of funding made available by the North for developing countries to meet climate challenges, donor-controlled climate funds have proliferated in recent years. Among the institutions that have staked a claim in the business of climate finance is the World Bank, which unveiled its Climate Investment Funds (CIFs) in 2008. At over $8 billion, the World Bank’s CIFs and carbon funds are collectively the largest climate-related funds currently managed by any public multilateral institution, dwarfing all of the funds under the UNFCCC.
UN Independent Expert on Foreign Debt and Human Rights Dr. Cephas Lumina yesterday called on the world’s leaders negotiating the future of the Green Climate Fund to ensure that climate financing is indeed “new and additional” money that would help those most impacted by the changing climate to realize their fundamental human rights.
IBON International will be holding two side-events on climate finance in the coming Durban climate summit. “Improving development effectiveness in climate finance: challenges and opportunities” is an official COP17 side-event. “Financing climate justice: voices from the South” is a side-event in the summit’s alternative space called the “People’s Space.” People from government and civil society are invited to speak. The two side-events are co-organized with several other civil society organizations.
At the Rio Summit in 1992, the growing problem of climate change driven by anthropogenic greenhouse gas (GHG) emissions led to the signing of the United Nations Framework Convention on Climate Change (UNFCCC). Ratified by nearly 200 countries over the years, the treaty is fleshed out through its annual Conference of Parties (COP), with the Kyoto Protocol (KP) adopted at COP3 in 1997 as the most important so far.
People of Bangladesh along with other nations of the world protested in Cancun, Mexico last Thursday against the role of the developed countries and demanded to keep the World Bank (WB) out of climate financing.