Confronting climate change : towards a new international agenda for meeting the financial challenges of the climate crisis in least developed countries

The threat and reality of climate change will be one of the most critical issues facing the international community in the near future and responding to the financial imperatives of the crisis represents a key challenge for countries as the global economy moves beyond the international financial crisis of 2008-09. The science of climate change is clear: greenhouse gas (GHG) emissions caused by human activity have altered the earth’s natural climatic processes, leading to global warming and its associated meteorological effects. This is having and will continue to have a significant impact not only on the ecology of the planet but also on the sustainability of human communities who depend on it. Although climate change will affect all nation states and communities, for developing countries and particularly least developed countries (LDCs)1 , confronting the climate crisis is a matter of grave urgency given their economic and geographical vulnerability relative to industrialised countries. The burden of shouldering the fallout from climate change, including increasing climatic variability, extreme weather events and the occurrence of natural disasters, will fall disproportionately on LDCs. The majority of LDCs are located in regions already experiencing environmental stress and this geographical exposure, coupled with low levels of economic and human development and greater reliance on climate-sensitive sectors, render these countries extremely susceptible to the catastrophic effects of climate change