Oxfam: Rich countries fall seriously short in climate funding

Developed countries do not comply with an earlier pledge to provide $100 billion of climate funding annually for poorer countries. As a result, these countries are structurally missing out on billions with which they should adopt climate measures. Thats what Oxfam Novib argues based on new calculations. According to the development organisation, it is about $68 to 75 billion dollars that the poorer countries fail together.

In 2009, wealthy countries committed to free $100 billion annually from 2020 to 2025. The money is intended for poorer countries to address the consequences of the climate crisis. According to Oxfam Novib, published last week, figures from the Organisation for Economic Cooperation and Development (OECD) show that only 80 billion in climate funding was made available in 2019, i.e. one year before the target.

And in the coming years, 100 billion will not be met, says Oxfam Novib. The development organisation then relies, among other things, on commitments that several countries have already made. By 2025, the amount would have increased to 95 billion at most. But that means, Oxfam concludes, that the poorer countries miss out on tens of billions in the six years in which the target amount is not met. It concerns developing countries that are vulnerable to the effects of climate change.

UN back together

Oxfams coverage comes on the eve of the United Nations Annual General Assembly. Important themes this year are the corona crisis, as well as climate change. The topic is high on the agenda, also with a view to the COP26 climate conference to be held in Glasgow from the end of next month.

The release of the UN panel IPCC climate report last August led to worried and shocked responses worldwide. The report showed, among other things, that climate changes at an unprecedented rate and the cause of human beings. Climate change, which is the result of global warming, will disproportionately affect developing countries, researchers concluded.