Global Campaign to Demand Climate Justice

Rich nations falling short financially in helping poor countries struggling with climate change, say new calculations

New calculations released today by ActionAid assert rich countries’ financial responsibility for helping poor nations adapt to the climate crisis. 

In the report, Mind the Adaptation Gap, the organisation reveals rich countries are falling well short of providing adequate money to help people in poor countries already suffering the harsh impacts of climate change. The report is the first to calculate the actual amount that rich countries should give based on estimates for future global adaptation need, and to compare this to their adaptation finance contributions so far.

Brandon Wu, ActionAid’s Climate Finance Expert, said “This report provides a yardstick to measure whether countries are actually meeting their fair share. Up to now, rich nations have been sitting around plucking numbers out of thin air to pretend to deal with the climate crisis. Meanwhile people in poor countries are already battling its vicious storms.  This approach is no longer good enough.”

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No to HSBC and Crédit Agricole at GCF

The Board of the Green Climate Fund must reject the applications for accreditation[1] of both HSBC and Crédit Agricole. Their accreditation would pose serious reputational and moral risk to the GCF via the banks’:

  • Well-documented involvement in recent money laundering and other fiduciary mismanagement scandals;
  • Large exposure to the coal industry and other climate polluting sectors; and
  • Poor-quality policies and weak compliance arrangements meant to manage the social, gender, and environmental impacts of their lending, and consequent harm on-the-ground.

The accreditation of HSBC and Crédit Agricole would run counter to the GCF’s intent to be a game-changing institution with country ownership at its core. In turn, the GCF Board’s rejection of their applications would be a strong mark in favor of maintaining the integrity of the Fund.

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