March at COP22 climate conference Marrakech.Photo J Sutton Hibbert/Greenpeace
…Crucially, just $165m of new money was pledged by advanced economies for Global Climate Fund which enabled poorer countries to sign up to the Paris agreement. UN source insisted that the $100bn target would be met by 2020, but said trillions would be needed to make development more sustainable.
“If you have to make agriculture resilient, build a sea wall or ensure that diseases don’t spread, there is no money-making rationale behind it. So public money is needed…“Unfortunately, it’s all about climate finance which is calculated using creative accounting, and methodologies that were not agreed upon and are not conducive to building trust.” ..OECD projections suggest that developed countries will have stumped up just one fifth of the initial funds needed for adapting to climate change of a $100bn-a-year global climate fund which is due to launch in 2020.
150 years of global warming in a minute-long symphony
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