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2 The contents of this paper are the author's sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its Members This publication is made available subject to the condition that it shall not, by way of trade or otherwise, be lent, resold, hired out, or otherwise circulated without the publisher's consent in any form or binding or cover other than that in which it is published and without similar condition including this condition being imposed on the subsequent purchaser. Acknowledgments This Working Paper was produced as a background document for a Climate Strategies Project on Energy and Climate: Opportunities for the G8 Toyako Summit, led by Michael Grubb. The author would like thank the Climate Strategies team for their support and feedback. The author would also like to express his thanks to all the people who have helped him in putting together this paper, particularly (in alphabetical order):

International adaptation finance: The need for an innovative and strategic approach