The recession caused a drop, though small, in donor support for the global climate change fight, a report presented at World Economic Forum in Davos shows.

Funding declined by 6 percent from USD155 billion in 2008 to USD145 billion a year later, according to a report obtained by the United Press International.

Authors has suggested that the decrease was small despite the widespread crisis because economic stimulus programs focused on green energy initiatives. The Copenhagen summit also spurred pledges to help poor nations adapt to climate change.

Another report, meanwhile, has pegged the climate funding requirement at USD500 million per year.

“The world needs a substantial increase in private investment flows into clean energy and energy efficiency if we want to avoid severe impacts of climate change,” said Jack Ehnes, who leads the California State Teachers’ Retirement System and a member of the World Economic Forum’s Expert Committee.

About the author

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    Eliza Villarino

    Eliza Villarino is an associate editor for Devex and leads the company's news team in Manila. She played a critical role in conceptualizing the Development Newswire. Prior to joining Devex in 2004, she has already published articles and news briefs for Internet media organizations and for the Institute for Ethics and Economic Policy at Fordham University in New York. She earned her bachelor's in political science and master's in public affairs from the University of the Philippines. Eliza is a member of Mensa Philippines.