Climate change fund
The impacts of climate change have started and the world’s poorest people are likely to be hit first and hardest. Recent researches have estimated the costs of mitigation and adaptation at around US$ 200 to US$ 210 billion and US$ 28 to US$ 67 billion, respectively, by 2030.
It is widely recognized that there is a huge funding gap between what is needed and what is available to address climate change. This requires a diverse array of funding schemes, ranging from public and private sources, as well as new and innovative mechanisms. In addition, for a successful agreement to be reached at the UN Climate Change Conference in Copenhagen in December 2009, sufficient financial resources must be provided to enable its implementation.
International Public Funds
The provisional of financial resources to address climate change is an integral part of the UNFCCC. The article 4.3 of the convention outlines that developed countries should provide financial resources to pay for the costs incurred by developing countries. In addition, these funds should be new and additional to existing Official development assistance (ODA), as well as adequate and predictable. Recently, there has been a proliferation of new funds to support climate change programmes in developing countries, created by bilateral and multilateral initiatives.