New Climate Change Funds: Hurry Leads to Flurry
Lack of cohesion and risks of dysfunction
Northern donor countries in the last 18 months have pledged billions of dollars in new financial commitments to fight climate change. More than a dozen new bilateral and multilateral environmental funding mechanisms have been proposed. While the provision of new financial resources to address the most urgent challenges of climate change is commendable, even if long overdue, the question arises if in the rush to do good the donor governments have really done well, writes Liane Schalatek from Washington, DC.
A new study commissioned by the Heinrich Böll Foundation and WWF, 'New Finance for Climate Change and the Environment' (see reference) describes an apparent ad hoc approach leading to a patchwork quilt of funding mechanisms which lack cohesion, coordination and risks an aggravation of dysfunction because of real and potential competition among the international lead agencies involved, specifically the World Bank and the Global Environment Facility (GEF) ...
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