Climate financing fund will be empty unless Doha talks find solution

The Canadian Press

OTTAWA - A new report shows that a $100-billion-a-year promise from rich nations — including Canada — to help poor countries deal with climate change is still unfunded as of the end of 2012.

And a second fund, meant to jump-start the process, will be out of money by Dec. 31, says a study by the international aid group Oxfam.

Canada has given $400 million a year for the last three years to the latter climate fund that was meant to be a down payment for poor countries to begin the work of cutting emissions and adapting to the inevitable effects of global warming.

But it only drew three years' worth of commitments from donor countries, for a total of $30 billion that will be drained by year's end.

The study shows that much of that money was recycled from other aid programs.

And the larger promise made by rich countries in Copenhagen in 2009 to raise $100 billion a year by 2020 remains in the wind, putting the onus for a solution on world leaders who are going to Doha for climate talks next week.