A global partnership of organizations that seeks to advance financial inclusion among low-income populations is calling on public and private financiers to channel part of their climate funding directly to local communities impacted by climate change.
The World Bank-housed Consultative Group to Assist the Poor, known as CGAP, said it is “not producing an estimate” for what proportion of the funds should be allocated to inclusive finance, but that the funding should come from institutions across the board, from multilateral development banks to the private sector.
Between 2003 and 2016, less than 10% of climate finance went to local activities, according to the International Institute for Environment and Development. And while family farmers produce a third of the world’s food, a report conducted by Climate Focus and published by the World Rural Forum found that they get just 0.3% of international climate finance.
About the author
Jesse Chase-Lubitz
Jesse Chase-Lubitz covers climate change and multilateral development banks for Devex. She previously worked at Nature Magazine, where she received a Pulitzer grant for an investigation into land reclamation. She has written for outlets such as Al Jazeera, Bloomberg, the Organized Crime and Corruption Reporting Project, and The Japan Times, among others. Jesse holds a master’s degree in Environmental Policy and Regulation from the London School of Economics.
