Research: How much climate finance is ‘new and additional’?

Advocacy

This paper finds that only 6% of climate finance can be considered as additional to the pledge made by developed countries to provide 0.7% of their Gross National Income (GNI) as ODA annually. And only 46% of the climate finance contributed in 2018 is found to be additional to the amount of ODA disbursed by rich countries in 2009 (when the $100 billion target was agreed).

This is a staggeringly low figure given current demands on countries to deliver climate finance that has to be additional to ODA, otherwise, we are “robbing the poor to give to the poor.”

Development and climate activities require substantially increased funding. Climate change adds additional costs to development agendas in the global South, the financial contributions of rich countries towards climate change must be additional to their support for development. Failure to provide new and additional climate finance directly threatens the amount and efficacy of finance to be spent on poverty reduction, education, health, and women’s rights.