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climate finance

The International Development Finance Club (IDFC)—a group of international, national, and regional development banks based in the developed and the developing world—released its annual report on green investment (i.e. mitigation, adaptation and ‘other’ environmental finance which includes environmental protection and remediation related projects)—as the world’s climate negotiators were meeting in Lima, and its numbers are significant.

Today, at the international climate conference in Lima, Peru (COP20), the government of Belgium pledged to contribute more than 50 million Euros (around $62 million US) to the Green Climate Fund, edging the fund past its $10 billion goal for 2014. This is an important marker in making the Green Climate Fund operational.

Following is a statement by Athena Ballesteros, Finance Director, World Resources Institute:

Adaptation finance accountability is key to addressing obligations of national governments and international organizations to provide support, but actual funding decisions are often made without involving the populations hit first and worst by climate change, or without understanding how communities are vulnerable.

So who is accountable for making good use of adaptation funds, and who should hold whom accountable?


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