Tuesday’s climate summit in Paris must boost the financial support going to help poor communities adapt to climate change, said Oxfam. French President Emmanuel Macron, the World Bank, and the United Nations are co-organizing the event, which comes on the two-year anniversary of the adoption of the Paris Agreement.
The “One Planet” summit is specifically focused on climate financing, and is meant to “determine how those working in public and private finance can innovate to support and accelerate our common efforts to fight climate change.”
The Paris Agreement promised rich governments would mobilize $100 billion per year by 2020, with a “balance” between funding for emission cuts and climate adaptation needs. However, the adaptation pledges have fallen short. Last year, Oxfam estimated that adaptation finance had added up to just around $4 to 8 billion and multilateral adaptation funding for small-scale farmers totaled just $345 million. By contrast, recent estimates show total adaptation needs could add up to $140 to 300 billion per year by 2030.
Armelle Le Comte, Oxfam France’s climate change policy lead said: “Two years ago, in this same city, world leaders reaffirmed their promise to deliver tens of billions of dollars to help poorer countries adapt to the effects of climate change. Unfortunately, we’re far from that goal. Right now, small-scale farmers are getting only a tiny fraction of the help they desperately need to survive.
“This year’s barrage of climate disasters showed that poor communities are often completely unprepared to deal with extreme weather. They need real help; from sea walls to protect against rising sea levels to sustainable water sources that won’t go dry during a drought. The last thing they need are pricey loans that will saddle them with interest payments for years to come.
“With his speech in Bonn and in convening this summit, Macron is trying to position himself as an international climate leader. However, if he wants to be truly credible, he should double France’s current adaptation finance commitment and push the country’s development agency to stop funding fossil fuel projects.”