European Capacity Building Initiative

The eight unmet promises of fast-start climate finance

Wealthy nations are still not meeting their Copenhagen climate finance pledges. While we await the final numbers from a few contributors, reports to the UNFCCC in May 2012 show that only two of the ten contributors committed their 'fair share' of fast-start climate finance, assess on their capabililty and their responsibility for the problem. The US, EU and Iceland committed half or less of their fair share. The result is that only $23.6bn has been committed, short of the $30bn pledged. Only one-fifth of climate finance supports adaptation in developing countries, in spite of promises to 'balance' it with mitigation funding. It is past time to meet the long-agreed principles: new and additional, predictable, and adequate climate finance.

FC Publication Date: 
14 December 2012
Anju Sharma