Hollow Commitments 2023: An analysis of developed countries’ climate finance plans
New analysis of the latest climate finance plans submitted to the UNFCCC by 26 wealthy countries demonstrates there is no chance of achieving 50/50 balanced financial support for climate mitigation and adaptation in the near future, CARE has found.
Hollow Commitments 2023
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In 2009, developed countries committed to contribute USD 100 billion of climate finance annually to developing countries from 2020 onwards, with the finance to be balanced between support for climate change adaptation and mitigation.
Developed countries have updated their plans outlining the climate finance they aim to provide in coming years. But despite some progress in wealthy countries’ reporting of these future efforts, they are still unable to provide evidence that they will actually deliver on their collective commitment to provide USD 100 billion in annual support .
Furthermore, only six wealthy countries have presented serious plans for redressing the imbalance in climate finance, which continues to be heavily skewed towards support for mitigation. And only three countries have stated that they will treat their climate finance contributions as supplementary to their existing UN commitment to provide 0.7% of gross national income as official development assistance. This means that undertakings to provide more climate finance may in reality represent deductions from support for other development objectives.
It is clear that developing countries and those that are particularly vulnerable to adverse impacts of climate change will not obtain the support to which they are entitled unless the wealthy countries change course.