New sources of climate finance must be found to curb the alarming shift in Official Development Assistance (ODA) to climate finance and to protect the development gains of recent decades. Climate change is an additional burden for poor countries and requires additional resources to tackle it.
The outcomes of the UNFCCC Work Programme on Long-term Finance will determine whether the goals of reaching the target of $100bn per year by 2020 committed to at Copenhagen, and keeping global warming below 2°C, let alone the 1.5 C needed, will stay within reach. Oxfam believes that the UNFCCC Work Programme must lead to a breakthrough in delivery of scaled-up, new and additional, predictable finance for adaptation and mitigation in developing countries. This briefing examines financing needs, possible sources of finance and delivery mechanisms, and action needed at COP 18.
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