“This report clearly shows that money to tackle climate change and help poor communities adapt can be raised without dipping into taxpayers’ pockets. The next step is for political leaders to lay out a clear roadmap for making this funding a reality.” said Tracy Carty, Oxfam Climate Change Policy Advisor.
The AGF was established by the UN Secretary General in February 2010 to advise on how developed countries could deliver on their promise to raise $100bn per year to help poor countries adapt to a changing climate and reduce emissions.
The sources of money identified in the report must now be championed by Chris Huhne, Secretary of State for Energy and Climate Change, and other members of the AGF group.
“Clear backing from the UK Government will be essential for fair levies on uncapped emissions in international shipping and aviation and a Robin Hood Tax on banks with money earmarked for climate change. But in order to do so the UK must urgently clarify its position on these crucial sources of public finance identified in the AGF report.” said Carty.
Countries meeting at the UN climate change talks in Cancun later this month must now establish a global climate fund to manage this money and agree a process for deciding how they will finance it by the next climate summit in South Africa in 2011. By using these innovative sources, governments can raise enough money from public sources without siphoning from existing development aid money. As some members of the UN panel recognized, private finance cannot meet the needs of developing countries for adaptation.
Carty said: “The $100bn committed to in the Copenhagen Accord must come from public sources of funding rather than private to ensure it reaches communities desperately in need of money to help them adapt to climate change and develop in a low carbon way.”
Oxfam warned that the report’s inclusion of the World Bank as a potential finance source should not be used to undermine international negotiations on the establishment of a new, independent global climate fund that is fair and accessible. For the fund to be effective poor countries must have a say in decisions on how the money is managed and at least half of the funding should address climate change impacts on the most vulnerable.