Financial Crisis Threatens Funding For Climate Change

The global financial crisis may lead lead developed countries to withhold funding for climate change, undermining investment in carbon trade in African countries. This is according to delegates at a US climate change conference in December 2008.
 

Carbon markets are regarded as a cheap and possibly profitable measure to fight climate change while helping poor communities with tools to solve poverty without destroying forests.

“The global crisis should not be used as an excuse to withhold funding for climate change”, says Savio Carvalho, the Oxfam’s country director in Uganda. According Carvalho, developed countries are shifting goal posts on emission targets and the extension of funding to developing countries under the clean development mechanism (CDM).

 

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