There has been an undeniable increased focus on climate finance in recent years. The international community has agreed that it will be absolutely necessary to channel funds to developing countries to help them mitigate the effects of and adapt to climate change. Recent studies estimate the world’s annual climate flows in 2010/2011 account for approximately US$343-385 billion, only US$16-23 billion correspond to governmental contributions while 74% of the total climate finance provides from the private sector, and only US$14 billion target adaptation.
Given the nature of the climate challenges of the future, developing countries will be recipients of a majority of these flows. Developing country governments receive climate related-financial flows, however, through a wide variety of channels, including: official development assistance, private investment, carbon markets, etc. Nonetheless it is important to mention that the amount of resources needed for climate change adaptation is much higher than international funds available. For example, a report published jointly by the Inter-American Development Bank (IDB), the UN Economic Commission for Latin America and the Caribbean (ECLAC) and the World Wildlife Fund (WWF) estimates that the impacts of climate change for Latin America and the Caribbean (LAC) will cost around US$100 billion by 2050 while it will only require US$17-27 billion to adapt to the unavoidable physical impacts. The implication is that adaptation action is clearly cost-effective.
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