Ending Fossil Fuel Subsidies May Be the Way to Jumpstart Climate Finance
A leaked World Bank document, due to be presented at the G20 meeting in November, proposes that rich countries eliminate their fossil fuel subsidies and instead contribute the money to climate aid for poor countries to help with green energy and adaptation measures. The paper also said donor countries are unlikely to come up with the money they had pledged to give during 2011 and 2012.
Just five years ago, climate change adaptation was a taboo subject among many environmentalists—as a feature in Earth Island Journal recounts—but things have changed a lot in recent years. Now the Global Adaptation Institute has released a new ranking of how prepared countries are, weighing the likely