Report Suggested That Developed Nations Deprived Poor Countries of 30 Billion US Dollar Climate Fund

Oxfam Report released in the fourth week of November 2012 ahead of negotiations in Doha, Qatar suggested that the developing nations were deprived of 30 billion US Dollar funds by the rich countries which they had committed to transfer between 2010 and 2012.  

Developed nations committed funding for climate change

In 2009 at the Copenhagan talks, developed world had promised to fasttrack funding of 30 billion US dollar between 2010 and 2012 and had also promised annual transfer of 100 billion US Dollar starting from 2020. The money, known as climate funding, was not to be offered as financial assistance or loan, but was a compensation for contribution to climate change.

These funds were supposed to be given to the poorest nations so that they could adapt to climate change. These funds should have been new as well as addition to already-existing overseas development aid (ODA) money. The funds were supposed to be used for adaptation as well as flexibility for poor countries according to their own priorities.

What did the Oxfam report find?

It was found that merely 1/3rd of total amount till now is the new money and just 24 percent of this amount was in addition to the existing commitments of aid. The developed nations spent just 21 percent of this amount on adaptation to the change in climate. Developed nations need to make the solid financial commitments for 2013-2020 time period.
 
The Doha talks- what to expect?

The Doha talks which will commence on 26 November 2012 will expect developing nations to demand accountability as well as clarity on the promised funds by the developed nations.

The rich countries would find private investments as the solution but the developing countries, on the other hand want public funds as their central source for clean energy as well as adaptation. However, developed countries use ill health of their economy as an excuse to escape the obligations.

What is Oxfam?

Oxfam is the international confederation comprising of 17 organisations which network together in over 90 countries. Oxfam works with the communities directly and functions towards elimination of poverty. The primary aim of Oxfam is to put an end to the injustice and poverty prevailing in various countries.