Financial commitments to help poorer countries cope with climate change remain undelivered ahead of a year-end deadline. Research by the International Institute for Environment and Development (IIED) said that only $23.6 billion out of the promised $30 billion in 2009 were so far allocated for the fast-start finance that was to provide seed money to establish a Green Climate Fund from 2020 onwards. In addition, most of these funds were given to poor countries as loans which have to be repaid with interest. Meanwhile, other research from Ernst & Young showed that that government spending on climate change decreased between 2010 and 2011 due to austerity measures. The study said the trend could create a climate funding gap of $23.75 billion over the next five years, if nothing is done about it.
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