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Green climate fund: Only USD41 billion flowed into developing countries

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By Samson Ogalla

The UN has presented its second biennial report on the financial flows of climate finance (Biennial Assessment on climate finance flows). Climate background is one of the attractive about this Cop22 when we know that adaptation and mitigation programs are extremely expensive.

According to published figures, financial support from public sources from developed countries to underdeveloped countries amounted to $ 41 billion for the 2013/2014 fiscal year. This offer is expected to increase with the commitments of the European Union, Germany etc.

75% of this amount was devoted to mitigation (reduction of greenhouse gas emissions measurements), 25% to adaptation (actions implemented to address the impacts of global warming, such as building dykes counter the rising water).
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Morocco has given the example by the voice of President of the COP22 Mustapha Bakkoury announcing proudly issuance of $ 100 million, guaranteed by the state and certified by the Climate Bond Initiative.
It will fund three photovoltaic projects in the country, including one in Ouarzazate.

The report notes that developing countries are most affected; the financing of adaptation measures should weigh more in global climate balance. These countries are the first affected by rising temperatures, but the vulnerability of their economies does not allow them to develop appropriate financial programs. It marks an emphasis on investments in fossil fuels in the world amounted to 1600 billion

 

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