As the global recession deepens, countries world wide are instituting stimulus packages to boost their economies and particularly their banking and financial sector. Governments world wide have spent billions of dollars in “stimulus package” and “bailouts”.

It is a wonder that no “bail out” package has been laid on the table to rescue developing countries from adverse affects of Climate Change. Currently, under the existing UNFCC framework “adaptation, mitigation, and technology cooperation activities under the conventions are funded under the Convention’s financial mechanism by the Global Environment Facility (GEF) Trust Fund, The Special Climate Change Fund (SCCF), The Least Developed Countries Fund (LDCF) and the Adaptation Fund.” (Source: United Nations Framework Convention on Climate Change Fact sheet).

Financing for climate change falls into three broad categories:
1. Financing for Adaptation cost
2. Financing for Mitigation cost
3. Financing for Technology Development and Transfer

It has been estimated that financing adaptation world-wide will require hundreds of billions of dollars. Financing for mitigation world-wide will require additional hundreds of billions of dollars.

To date under various schemes and proposals, funds available to address the above issues amount to USD 25 – 35 Million…no where close to the required amount.

Should there not be a bailout package to address climate change?

Source:
http://unfccc.int/files/press/backgrounders/application/pdf/fact_sheet_financing_climate_change.pdf