A pledge by rich nations to channel $100 billion in climate aid to poorer countries will only be met by combining public and private funds, according to United Nations envoy Christiana Figueres.
“If you look at the potential cost of addressing climate, there is not enough public or private finance if you look at them separately,” Figueres said today in London. “It is only when you creatively bring them together that you can begin to responsively address the cost of climate.”
The world’s wealthiest nations pledged $100 billion of aid two years ago to help developing countries adapt to the effects of rising temperatures and cut greenhouse gases. At UN talks in South Africa in December, delegates agreed to administer part of that aid through a Green Climate Fund, which has so far failed to receive any financing commitments, according to Figueres.
“No one has come through specifically with any numbers yet,” she said. “My sense is that those governments that are willing to contribute to the startup costs, which is what is necessary this year, are identifying the sources of finance and also waiting for the board to be constituted,” which is due by the end of the month, she said.
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