Climate Finance Shadow Report 2023: Assessing the delivery of $100B commitment

https://policy-practice.oxfam.org/resources/climate-finance-shadow-report-2023-621500/

by wallbrownf • 2 years ago

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policy-practice.oxfam.org

wallbrownf• 2 years ago

Overview

In 2009, high-income countries committed in the Copenhagen Accords to mobilize US$100 billion a year by 2020 in climate finance for low- and middle-income countries. Oxfam reported on the progress of this commitment in 2016, 2018 and 2020. This year’s report finds that high-income countries have not only failed to deliver on their commitment, but also – as in previous years – generous accounting practices have allowed them to overstate the level of support they have actually provided. Moreover, much of the finance has been provided as loans, which means that it risks increasing the debt burden of the countries it is supposed to help.

This paper calls on high-income countries to accelerate the mobilization and provision of climate finance, and to make up the shortfall from previous years, in a way that is equitable and just. High-income countries must provide finance that is transparent, with genuine accountability mechanisms, and that allows for far more local ownership and responsiveness to the needs of communities it is intended to reach. People on the frontlines of the climate crisis must have the funding they were promised for adaptation and mitigation, and to address the loss and damage they are already experiencing as a result of climate impacts. Keywords

    Climate change adaptation
    Climate change mitigation
    Climate finance
    Intergovernmental Panel on Climate Change (IPCC)
    Paris Agreement
    UN Framework Convention on Climate Change (UNFCCC)

Additional details

Author(s)

    Zagema, Bertram
    Kowalzig, Jan
    Walsh, Lyndsay
    Hattle, Andrew
    Roy, Christopher
    Dejgaard, Hans Peter

Publisher(s)

    Oxfam International

DOI 10.21201/2023.621500 How to cite this resource

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Climate Finance Shadow Report 2023: Assessing the delivery of $100B commitment

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