posted at 19:00
Author Name: Mariette Le Roux
Developing world may need annual $500 bn for climate by 2050: UN
In 2012-13, the amount of global public finance committed to adaptation was about $23-26 billion, of which 90 percent went to developing countries. Poor countries most vulnerable to climate-change-induced impacts - extreme weather events, floods, droughts and sea-level rise - are demanding that a rich nation commitment to adaptation and finance help be written into the pact. The UN's top climate science body, the Intergovernmental Panel on Climate Change, has projected adaptation costs in developing countries to reach $70-100 billion per year by 2050, based largely on World Bank figures from 2010. On some calculations, based on national-level rather than global-level studies, "Adaptation costs could climb as high as $150 billion by 2025/2030 and $250-500 billion per year by 2050" - and double that if the global average temperature rise is allowed to approach 4 C. Senior climate change advisor Mohamed Adow of Christian Aid said some developing countries were already at their financial limit for climate adaptation. "It's a cruel irony that it is the rich countries whose carbon emissions helped create these climate change impacts that don't want adaption to be a central part of the Paris agreement," he said. "Sandeep Chamling Rai, adaptation policy advisor to green group WWF, added that the report"opens up a window onto a nightmarish future, where the global economy is crippled and the most vulnerable countries are even further disadvantaged. The climate negotiations have been bedeviled for years by rifts between rich and poor nations over who should shoulder the burden of emissions cuts, which require a politically and financially difficult shift from cheap and plentiful fossil fuel to cleaner energy sources. Finance remains a sore point, with developing nations insisting that rich economies must show in Lima how they intend to honor promises to muster up to $100 billion in climate finance per year from 2020.

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