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There has been an increase in international climate finance in the fight against climate change, according to a new OECD report, which Oxfam is encouraged by. The efforts of the French and Peruvian governments to build consensus on hitting the $100 billion goal is also welcome news.
However, Oxfam says the report reveals that support for climate adaptation in poor countries continues to receive only a very small share - just 16% - of the overall investment flows. Oxfam estimates that around $1-2 billion per year in grant-based public funds are directly targeted at adaptation in developing countries.
Oxfam International's climate change policy expert, Isabel Kreisler, said:
"The clear message from this OECD report is that the poorest countries and communities are still being short-changed in climate finance."
“If finance ministers want to ensure there is something in the Paris deal for those on the frontline of climate change, they must significantly increase public funding for adaptation before 2020, and ensure a new and separate financing target looking past 2020 is also agreed on in Paris."