In a joint statement issued by the G77 and China at COP21 last night, the countries called for "a substantial scaling up of finance from the 2020 base level of $100 billion per year" and that developed countries bear "the main responsibility" for this.
Commenting on the statement Barry Johnston Director of Policy, Advocacy & Campaigns at ActionAid UK, said:
“Climate change is already destroying the lives of some of the poorest women and children in the world, yet they are the least to blame. It’s countries like Bangladesh that are at the receiving end, where climate change has led to loss of homes, livelihoods, safe water, and an increase in saline pollution, disease, and climate refugees. As global temperatures continue to rise this will only get worse.
“The evidence clearly shows that more climate finance is needed – beyond the US$100 billion a year by 2020 currently promised. It isn’t rocket science, rich countries are responsible for causing global warming and so have a responsibility to help poorer countries adapt to its effects.
“At the Paris climate talks rich nations must support a Global Goal on Adaptation that commits them to providing the resources needed to ensure the climate resilience of vulnerable communities, now and into the future”
Notes to editors:
World leaders have pledged to deliver US$100 billion in climate finance for both adaptation and mitigation by 2020.
UNEP estimates that the cost of adaptation alone for developing countries will be US$150 billion a year by 2025/30. This does not include finance needed for mitigation, meaning the total amount of climate finance needed by 2025/30 would be well in excess of US$150 billion.