Climate-related shocks are affecting the lives of millions of poor people with increasing frequency and severity. Without urgen action, recent development progress will stall — then go into reverse.
The international community must make a new commitment to fund adaptation to climate change. Funds must be additional to the promise to deliver 0.7 per cent of rich country income as aid. It must also be raised and managed in new ways. A global adaptation finance mechanism is needed, able to deliver the scale of funding required and governed according to the principle of equity, subsidiary, transparency and accountability. This will insure against future development losses and help to resuscitate the international climate negotiations, laying the foundations for a fair and safe deal at Copenhagen at the end of 2009.