Developing nations, he said, were also very wary of funds channelled through traditional disbursement mechanisms like the World Bank and national government agencies. Money should be channelled through institutions that allow developing nations a say over how it is spent, he argued, because climate finance is not aid.
Alex MacGillivray of AccountAbility, also speaking at the event, suggested that developed nations might be shooting themselves somewhere even more painful if they failed to meet their pledges for adaptation finance.
However he went on to add that the amount of money is not the only issue. Finance for adaptation needs to be spent effectively and transparently, he said, to avoid scandals like those that have undermined the United Nations Clean Development Mechanism, which provides finance for climat- change mitigation.