The Climate ‘Fiscal Cliff’: An evaluation of Fast Start Finance and lessons for the future
After a year of extreme weather, developing countries face a climate ‘fiscal cliff’ at the end of 2012, as Fast Start Finance expires and the Green Climate Fund remains empty. New Oxfam analysis of Fast Start Finance reveals that much of it has been a false start. Governments have not delivered on commitments made in Copenhagen to ensure that the funding was new, additional, and balanced across adaptation and mitigation projects. Developed nations must scale up climate finance from 2013, consider innovative proposals to raise public climate finance, and make pledges to the Green Climate Fund which otherwise will remain an empty shell for the third year in a row.
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