Green Climate Fund short-changed by rich polluting countries

To date, developed countries have pledged $7.5 billion to the fund to cover the next four-year spending period. This is just half of the $15 billion that Oxfam believes should be the target for the replenishment process to meet the growing needs of developing countries, with more than 300 potential project proposals in the fund’s pipeline.

• Canada, Austria, and the Netherlands have contributed just a third of what Oxfam estimates to be their fair share
• Australia has indicated it will join the US and refuse to provide new funds in this round
• Countries such as Japan, Italy, Switzerland, Belgium, Finland, Portugal and New Zealand have yet to announce their contribution

By comparison, the UK, Germany, France, Norway and Sweden have doubled their contributions since the first funding round in 2014/15.

Armelle Le Comte, Climate and Energy Advocacy Manager for Oxfam, said: “The Green Climate Fund is a lifeline for poor countries that need help to cut emissions and adapt to an increasingly erratic and extreme climate. We urge all rich countries to contribute their fair share – their support could be the difference between life and death for poor communities that are struggling to survive on the climate front line.

“We are spending 100 times more on fossil fuels than governments appear to be willing to put into the world’s flagship climate fund.”

The Green Climate Fund was established in 2010 and will be the main multilateral channel through which rich countries can support poor countries to tackle the climate crisis. Over the past four years, more than 110 projects in developing countries have been allocated financial support from the fund for projects such as the expansion of solar power in Nigeria and Mali, the restoration of forests in Honduras, and the creation of more resilient agriculture systems in Bhutan and Belize.

Ends

Notes to editors:

• A background briefing on the Green Climate Fund with a breakdown of contributions from key developed countries is available here: https://oxfam.box.com/s/2ffb8bllrchw1c00vxd5pjaioc0urxsv
• The International Energy Agency estimates that oil, gas and coal investments totalled US$933 billion in 2018 https://www.iea.org/wei2019/
• The Green Climate Fund is one of a range of channels, funds and initiatives through which developed countries provide climate finance to developing countries to meet their overall target of delivering $100 billion of climate finance a year by 2020. Oxfam believes the fund is an effective channel for delivering climate finance because it has an equal number of seats for developing countries on its board, a commitment to allocate at least 50 percent of funds to adaptation and to mainstream gender, and a structure that allows funds to be channelled directly to developing countries rather than through other agencies like the World Bank.
• Oxfam works with poor communities around the globe to help them adapt to a changing climate and cut their emissions. Photos and testimonies available.