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Five maddening facts about climate finance

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By illuminem briefings 🌎

· 2 min read


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

Click for more news covering the latest on climate change

 

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