Adaptation funds are required to better cope with the new circumstances created by global warming. The poorest countries desperately need to rebuild resilience and adapt human environments and livelihoods. Uncertain financing and developing countries' lack of meaningful involvement in disbursements make planning all the more difficult. But all are underfunded, requiring frequent replenishment. Several UN programmes also support climate action, including the UN Environment Programme, UN Development Programme and Global Environment Facility. Instead, climate finance is disbursed via many channels, including rich countries' aid and export promotion agencies, private banks, equity funds and multilateral institutions' loans and grants. But little is actually managed by developing countries themselves. Oxfam estimates public climate financing at only US$19-22.5bn in 2017-18, with little effective coordination of public finance.ĭeveloping countries believed their representatives would help decide disbursement, ensuring equity, efficacy and efficiency. India has disputed the OECD claim of US$57bn climate finance in 2013-14, suggesting a paltry US$2.2bn instead! Other developing countries have also challenged such creative accounting and 'greenwashing'.ĭeveloping countries expected the promised US$100bn yearly to be largely public grants disbursed via the then new UNFCCC Green Climate Fund. Thus, the rich countries' Organisation for Economic Co-operation and Development (OECD) reported US$80bn in climate finance for developing countries in 2019. Such ambiguity has enabled double-counting, poor transparency and creative accounting, noted the UN Independent Expert Group on Climate Finance. The number includes both public and private finance, with sources - public/private, grants/loans, etc. While minuscule compared to the finance needed to adequately address climate change, it was considered a good start. Poor countries - many already caught in debt traps - struggle to cope. The pandemic has worsened the situation, reducing available finance.
Rich countries have long broken their 2009 Copenhagen COP16 pledge to mobilize "US$100 billion per year by 2020 to address the needs of developing countries". US$1.6-3.8 trillion is needed annually to avoid global warming exceeding 1.5☌. Sydney and Kuala Lumpur - Current climate mitigation plans will result in a catastrophic 2.7☌ world temperature rise.
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