In total, developed country governments reported they had delivered USD 38.9 billion for Fast Start Finance, of which USD 3 billion was in private finance.
One key feature was that the vast majority of the finance (more than 71%) was given for climate mitigation projects, leaving the world’s most vulnerable countries lacking the money badly needed to cope with the impacts of climate change they are already experiencing.
While the reports state that governments delivered what they promised, the broad nature of their commitments and lack of specific objectives are not the type and scale developing countries need to make the transformational change to low emission and climate resilient development.
It will be essential that for Long Term Finance, a programmatic approach is adopted where finance is delivered under agreed global goals and objectives, and aligned with the recipient’s priorities.
It should be aimed at delivering finance to keep global warming below 1.5°C or 2°C – the “paradigm shift” for developing countries that’s at the heart of the Green Climate Fund’s governing instrument.
For more information see our briefing and press release below.