This has been what might be called a year from climate hell with floods, droughts and scorching temperatures across the globe. But those steering the debate on climate
financing are slow to get the point. As now envisioned, climate funding will bypass the most vulnerable.
The vast majority of the grossly inadequate existing flow of climate finance is focused on mitigation. For example, only 7.45% of major public funds reported at
climatefundsupdate.org are for adaptation.
And there’s not much evidence to suggest that this basic pattern will change with fast-start finance. Adaptation and the needs of the most vulnerable are still too often the forgotten step-children.
Going forward, ECO isn’t suggesting that there’s too much financing for mitigation – au contraire! But it is vital that adaptation gets its fair share of attention and funding. A new global climate fund is just the place to make this happen.
To ensure that the most vulnerable benefit from adequate, predictable and sustainable financial contributions, we propose that a fair pre-allocation of funding for adaptation is crucial.
Specifically, the finance text should
ensure that at least 50% of overall funding counted against UNFCCC commitments should be dedicated to adaptation, and at least 50% of money channeled through the new fund should be allocated to adaptation.
These proportions may need to be revised over time, but this is the balanced approach we should take now.
And if we don’t, surely it will be a recipe for disaster for those who are already the hardest-hit.