2nd press release from NGOs: Adaptation working group gets sidetracked on administrative issues

Source: http://www.fcaministers.com/

On the wrong track

While making significant progress on the issue of climate refugees by agreeing to awarding them the UN recognized status of a refugee, the discussion on funds for adaptation got sidetracked on administrative issues.

Instead of discussing the hottest aspect of the issue – i.e. who will provide money when – the distinguished delegate from Hungary raised the point of combining the adaptation fund with the Green Climate Fund. This purely administrative issue which has only marginal relevance for effective mitigation and adaptation measures occupied most of the second part of the session.

Basic economics

How much money is needed for effective mitigation and adaptation measures has already been researched intensively. The most prominent study was provided in The Stern Review. According to Lord Stern, all countries need to spend at least 2% of global GDP to be successful in the fight against climate change. Due to the widely accepted principle of common but differentiated responsibilities, developed countries are obliged to provide significant funds for developing countries. Through the Cancun and Copenhagen Agreements high-income countries agreed to provide:

# $30billion of fast start finance before the end of 2012

# $100billion annually by 2020

The adaptation fund should focus on how to complete the 2012 pledge and agree to binding targets for developed countries financial contribution up to 2020.