Adaptation and the $100 billion Commitment: Why private investment cannot replace public finance in critical climate adaptation

Adaptation and the $100 billion Commitment: Why private investment cannot replace public finance in critical climate adaptation
16 pages

Authors
Carty, Tracy

Publication date
18 Nov 2013

ISBN
978-1-78077-512-8

Publisher
Oxfam International

Series
Oxfam Case Studies

Type
Policy paper

Private finance has a vital role to play in the global response to climate change, but it is not a substitute for public finance. Developed countries have committed to mobilizing $100 billion in climate finance per year by 2020 to support climate adaptation and mitigation in developing countries. Reliance on private finance over public to meet these financing goals presents a triple whammy for pro-poor adaptation. Private finance will struggle to meet the essential adaptation needs of poor and marginalized people; it overwhelmingly favours mitigation over adaptation; and it favours richer developing countries over less developed countries. COP19 in Warsaw in November 2013 must turn ambiguity into action by advancing strategies to scale-up public finance for adaptation, and by providing assurances that commitments to critical support for the world’s poorest countries and communities over the coming years will be met.

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