Oxfam has today warned that the $100 billion a year pledged by rich nations to help fight climate change could fail the poorest people, if recent moves to deliver climate cash as loans continue.
Oxfam’s report, Climate Finance Post-Copenhagen: The $100 billion questions, comes as UN climate negotiations re-open for the first time since last year’s summit in Copenhagen. Whilst recognizing the need for some limited cut-rate loans to help poor countries develop in a low carbon way, the international agency strongly opposes the use of loans to help communities adapt to climate impacts.
See full Press Release.
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