3°C Temp Rise And $100bn For Climate Finance?

Copenhagen: 3°C Temp Rise And $100bn For Climate Finance?

Leaked Documents Emerged Today From The United Nations That Suggest Current Proposals For A Climate Deal Would Result In A Three Degrees Increase In The Planet's Temperature

Oxfam International's Climate Advisor Hugh Cole said: “At this stage in the game, a deal that fails to keep temperature rises below two degrees is simply not good enough. Oxfam estimates that if global temperatures rise by 3°C, up to 600 million more people will face the risk of hunger and up to four billion people could face water shortages globally.

"Climate finance has been a hot topic today and Oxfam has said that at least US$100 billion dollars a year is needed to help poor people adapt to the inevitable impacts of climate change. This figure is in line with World Bank assessments that assume a 2°C rise in temperature. The higher the temperature, the more devastating and costly the impact.

“Keep in mind that an additional US$100 billion is also needed per year for poor countries to reduce their own emissions. “Rich countries need to raise their game on emissions cuts and financing. The costs of them not doing so are simply too great to bear.”

Rich Countries Coalesce Around $100bn Figure

As the US, Ethiopia and European Union, including France, Germany and the UK coalesce around a climate finance package of US$100 billion, Jeremy Hobbs, Executive Director of Oxfam International said:

“It’s good news that discussions on climate cash have finally got moving after two long years of delay but this needs to be the start of the conversation – not the end. US$100 billion is half the amount poor countries need to reduce their emissions and adapt to a changing climate. The money must come from public sources – not be subject to the whims of the markets – and it must not be diverted from existing aid promises. Poor countries will still need to build schools and hospitals as well as flood defences.”

Oxfam is calling for rich countries to provide at least US$200 billion a year in new money to help poor countries adapt to a changing climate and reduce their emissions.

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