In his latest post on the Globalisation and Development blog, IDS Fellow Stephen Sprattdiscusses the future of the Green Climate Fund, ahead of next week’s climate talks, COP17 in Durban.
Dr Spratt explains that the Green Climate Fund is supposed to do two things: help fund the transition to a low carbon economy (i.e. mitigation); and help countries cope with the climate change that is already in the system (i.e. adaptation). Yet the majority of existing climate funding has gone to mitigation activities such as renewable energy infrastructure.
The bulk of this finance has come from private investors, who aim to generate a return. On the other hand, funds for adaptation are often seen as compensation for the countries who suffer the most from climate change, rather than a mutually beneficial investment.
Dr Spratt argues that next week’s talks in Durban need to be judged on their ability to generate large quantities of new public finance for adaptation in vulnerable developing countries.
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The Globalisation and Development blog is written by the Globalisation Team at the Institute of Development Studies (IDS), UK.
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