5th November 2010
A UN High-Level Advisory Group set up to analyse how to raise urgently needed climate finance announced details of its report today.
Tearfund's Director of Advocacy Paul Cook said: "The Climate Finance panel was set up to analyse how to raise the $100 billion a year by 2020 and the report shows that it is feasible to raise at least this amount by using public sources alone. However, what we have seen today doesn't go far enough and still amounts to leaving the most vulnerable people in countries like Bangladesh to clean up the mess rich countries have made."
The aid agency said climate change is the greatest development issue we face. What was needed was a report that demonstrated how we are going to raise at least $200bn a year by 2020 for developing countries to adapt to a changing climate and reduce their emissions.
This money must be new and additional to existing aid budgets. It must come from innovative sources of public finance, like a Robin Hood Tax on banks and from levies on fuel and tickets for international aviation and shipping. Instead the AGF has delivered the low-level $100bn.
Tearfund warned that while it is good that the group recognises that the money required is in the range of billions of dollars, $100bn is not and has never been enough.
"Developed countries must think in terms of an evolving understanding of the science and of developing countries needs, rather than what they can get away with.
"We are pleased that the report shows how a combination of innovative sources can be used to raise the money for the long term. Today's launch is not the end of these discussions on innovative sources of public finance - rather it must be the starting point. Getting an international agreement for climate money is a crucial step towards agreeing an international climate treaty." Cook continues.
Tearfund welcomed the UK's commitment to playing its part in the creation of new innovative sources and urged them to continue championing these to ensure progress is made within the UN climate talks.
Notes to Editor
For a briefing with one of Tearfund's Climate Change Policy Team, or an interview please contact the Media Team on:
0208 943 7779 / 0208 943 7792 / 07710 573749
Or email email@example.com
Tearfund is a Christian relief and development agency building a global network of local churches to help eradicate poverty. Tearfund is a member of the Disasters Emergency Committee. www.tearfund.org