The Green Climate Fund will hold its first board meeting this week. The eventual goal is to raise billions of dollars to help developing countries adapt to climate change. The Green Climate Fund was officially launched at the 2011 Climate Change Conference in Durban, South Africa.
“The long delayed and long awaited first board meeting of the Green Climate Fund is taking place this week in Geneva,” said Brandon Wu, senior policy analyst at ActionAid USA. “The timing really couldn’t be more urgent. In the U.S. alone, we’ve all these stories about droughts and massive crop damage, and rampant wildfires this summer, with concerns over rising food prices, among other things. The effects are even more severe in developing countries where vulnerable small holder farmers don’t have the protection of things that we have here, like crop insurance or social safety nets.”
Wu said while drought may mean higher food prices in the U.S., for some living in poor countries it may mean no meals at all. And then there are floods.
“Just one climate related disaster last year — the floods in Bangkok – cost 40 billion dollars, according to U.N. estimates. And then of course the human suffering that goes with disasters like those that doesn’t really have a price tag,” he said.
He described the Green Climate Fund as “a channel through which finance can be equitably distributed to developing countries.” Organizers hope to raise $100 billion a year by 2020.
Supporters have said a small tax on financial transactions, for example on Wall Street, could raise billions of dollars.
The Green Climate Fund Board has 24 members with an equal number from developed and developing countries.