Financing Adaptation or Funding Chaos?: Adaptation, Finance, and Philippine Climate Policy

Emily Alpass demonstrates how to weed an organic paddy field. Oxfam has set up a number of Field Schools, giving farmers the opportunity to learn about new farming techniques and practices, grow new vegetable varieties, learn about climate change and making their own organic fertilizers.  Each field school has roughly 32 members at one time who attend sessions on a weekly basis for 6 months.Photo: Tessa Bunney/ Oxfam
Paper author: 
Institute for Climate and Sustainable Cities (iCSC) and Oxfam in the Philippines
Paper publication date: 
Thursday, July 1, 2010

As the world reels from the devastating impacts of climate change, financing sources for climate resilient development are proliferating at a rate and scale that, from initial appearance, may all but surpass traditional flows of official development assistance (ODA). Unfortunately, the scale of resources pledged so far are far from the scale of financing required to meet the needs of developing countries like the Philippines. Worse, most of the pledges remain just that — pledges virtually written on water, many recycled from previously announced commitments.

Among developing countries, mitigation efforts alone are estimated to cost US$140 to US$175 billion a year over the next 20 years, with associated financing needs of around US$265 to US$565 billion. Adaptation investments are projected to average US$30 to US$100 billion a year over the period 2010-2050. Distressingly, only US$2 billion of the total US$19 billion pledged funds thus far have been deposited into dedicated climate funds, while only US$700 million have been disbursed.