Last week representatives from the EU, the G20 and Least Developed Countries, the World Bank and industry came together at a high level panel event organised by Oxfam in collaboration with the Mission of Norway to the EU to discuss how to raise the $100 billion pledged by rich countries at Copenhagen to help poor countries adapt to climate change and develop in a low carbon way, every year by 2020.Rich countries will need to pay out of their national budgets, but that will never be sufficient to meet the climate finance pledge they made in Copenhagen. New sources of public finance will be needed. European Commissioner for Climate Action Connie Hedegaard reiterated the EU’s determination to pay its fair share, and said that innovative sources will be key in delivering this.
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