autocar.co.uk)

Who should be bailed out - him, or Bangladeshis? (source: autocar.co.uk)

Low-lying Bangladesh is often cited as one of the countries likely to be worst hit by climate change, particularly due to sea-level rise. Urgent measures in Bangladesh’s 10-year action plan are predicted to cost $5 billion in the first five years.They’ve already raised $45 million from donors, but now there are fears that support will dry up as the financial crisis bites in rich countries, which one of their negotiators for Copenhagen has already expressed. Such fears are echoed by the likes of UNDP and WWF, who fear it is unlikely rich countries will step up to the plate.

Given the UN Adaptation Fund (see previous posts) depends on CERs for its financing, the recent fall in the carbon price is bad news for adaptation. Some estimates suggest nearly 20% of the fund’s worth has been lost. The GEF has indicated that it may start being more vocal about pushing donor countries to finance adaptation.

In any case, it certainly looks bad if the US, Britain and others are pumping billions into their banks and car manufacturers (high carbon emitters and lazy good-for-nothings who have dragged their heels on fuel efficiency) whilst leaving developing countries to face the music. This is the height of climate injustice, and you can expect a lot of noise to be made if things haven’t improved by the time Copenhagen comes along…

*update* 23/2/09 – this Guardian story follows a similar theme

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