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Adaptation to cost $86 billion per year

Antara News

Nusa Dua, Bali (ANTARA News) - United Nations Development Programme (UNDP) researchers urged developed nations on Tuesday to immediately discuss adaptation funds as the key to the solution of problems being discussed at the United Nations Framework Convention on Climate Change (UNFCCC).

Kevin Watkins, the lead author of a report titled "Fighting Climate Change: Human Solidarity in a Divided World", said rich countries had left poor countries in the lurch, putting the latter in a state of "sinking or swimming" without any support.

The report on the impact of climate change on global development in 2007/2008 pointed out an imbalanced trend in the funding sector to adapt to climate change.

The UNDP said the trend may lead to an apartheid-style adaptation phenomenon as poor countries would be left sinking alone and forced to rely on their own capacity without significant support from rich countries.

Speaking at a press conference held on the occasion of the climate change conference, Kavin said it was high time for developed nations "to step forward" with regard to adaptation funds.

In its Human Development Report, UNDP predicted adaptation funds needed by 2015 would be US$86 billion per year.

"The figure seems very large but actually it only accounts for 0.2 percent of rich countries` GDP," he said.

Adaptation funds derived from all multilateral funding sources in the past two years amounted to only US$26 million, or equal to the amount of funds spent by Britain on a flood-control project for a week, he said.

Adaptation funds which are intended to address the expected impact of climate change are one of the most crucial issues being debated at the Bali conference.

This week`s ministerial meeting of UNFCCC is expected to decide the mechanism of the adaptation fund, including the institution managing the fund, financial sources and the way funds are to be distributed.(*)

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