November 7, 2011
Last week representatives from the EU, the G20 and Least Developed Countries, the World Bank and industry came together at an Oxfam high level panel event in Brussels to discuss how to raise the $100 billion pledged by rich countries at Copenhagen to help poor countries adapt to climate change and develop in a low carbon way, every year by 2020.
Rich countries will need to pay out of their national budgets, but that will never be sufficient to meet the climate finance pledge they made in Copenhagen. New, supplementary sources of public finance will be needed. Commissioner for Climate Action Connie Hedegaard reiterated the EU’s determination to pay its fair share, and said that innovative sources will be key in delivering this. “To get 100 billion out of public finance ministries each year from 2020 and onwards, I think everyone can see what a nightmare this is going […]