The Green Climate Fund was created to support people in developing countries -- people who are the most affected by the climate crisis but are the least responsible for causing it. Given the disastrous impacts we are already seeing in countries in Africa because of the changing climate, this fund is desperately needed. In some countries in Africa, yields from rain-fed agriculture could be reduced by up to 50 percent by 2020 as a result of climate change. This will mean increased hunger and famines across an already food-insecure continent.
But at the UN climate negotiations here in Durban, South Africa, developed countries have been trying to allow multinational corporations and financiers to directly access GCF financing. Can you imagine? A loan guarantee for a corporation like ExxonMobil to build, for example, a wind farm would count as the US government’s contribution to climate finance!
Led by the US and the UK on behalf of Wall Street and multinational corporations, this attempt to hijack developing countries’ money is outrageous. Communities need this money to address climate change and to finance their own development -- without repeating the same mistakes that the rich countries have made.
“We worry that it [the Green Climate Fund] may be turned into a ‘Greedy Corporate Fund’ serving the interests of the corporate and financial sectors, instead of financing activities to save the planet and protect the poor in developing countries. We are especially concerned with proposals for establishing a private sector facility in the GCF that could allow multinational corporations to directly access GCF financing for activities in developing countries, bypassing those countries’ governments.”
But it’s most definitely not too late to change direction; we can avert a potential disaster. We can create the fund we want to see: a fund based on effectiveness, equity, and environmental integrity. And you can take a small step to help us do that. Tell Chris Huhne, the UK Secretary of State for Energy and Climate Change, that the purpose of the Green Climate Fund is to support people in developing countries to fight against climate change and secure their lives and livelihoods. Take action now!