US$27.9 billion in "fast-start" funding has so far been pledged by industrialized countries to help developing countries mitigate and adapt to climate change, according to a new climate finance tracking tool released by the World Resources Institute (WRI).

The tool aims to create transparency around climate change funds to ensure that rich countries follow through on their commitments and that the money is not wasted or "lost."

WRI says that while the pledges represent "a significant step in the right direction," donors "still have much to do in meeting their Copenhagen fast-start pledge."

"While this represents a significant step in the right direction, developed countries still have much to do in meeting their Copenhagen fast-start pledge," WRI states on the its web site.

"The Accord mandates that fast-start funds have a 'balanced allocation between adaptation and mitigation,' are 'new and additional,' are 'prioritized for the most vulnerable developing countries, such as the least developed countries, small island developing States and Africa,' and include 'investments through international institutions.'"

"In addition to meeting these criteria, next steps for developed countries include ensuring that their pledges are actually delivered. Though the commitments are clear, their delivery is uncertain. Some of the funds have yet to go through national budget appropriations processes."