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illuminem summarizes for you the essential news of the day. Read the full piece on African Arguments or enjoy below:
🗞️ Driving the news: The ONE Campaign's investigation into climate finance has uncovered five maddening facts:
1. The exact amount of climate finance delivered is unknown due to non-standardized reporting
2. Rich countries provide much less climate finance than they claim
3. Funds labeled as "climate finance" are sometimes used for unrelated projects, including coal-fired power plants
4. Only a small fraction of climate finance reaches the world's most vulnerable countries
5. Many debt-distressed countries pay more in debt than they receive in climate finance
🔭 The context: Despite the disproportionate impact of climate change on Africa, responsible for only 4% of global emissions, the continent is not receiving adequate support, reflecting broader issues in global climate finance
🌍 Why it matters for the planet: Africa's plight underscores a global injustice in climate change, where those least responsible face the harshest consequences
• Addressing this imbalance is crucial for effective global climate action
⏭️ What's next: A push for more transparent, accurate, and substantial climate finance is needed
• This includes standardizing reporting and ensuring that financial pledges are not only made but also fulfilled
💬 One quote: "The world’s 20 most vulnerable countries received a total of $1.7 billion in climate finance disbursements in 2021. That’s just 6.5% of the $26.1 billion they need each year to address climate change" (Joe Kraus, Policy Director at the ONE Campaign)
📈 One stat: Between 2013 and 2021, $297 billion in climate finance commitments had not been disbursed, highlighting the gap between pledges and actual financial support
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