Rich Nations Undermining Climate Funds To Help Poor Countries: Report

"Oxfam report says only $11.5bn (£9.2bn) of climate finance in 2020 devoted to helping vulnerable states".

"BONN - Rich nations are undermining work to protect poor and vulnerable countries from the impacts of the climate crisis, by providing loans instead of grants, siphoning off money from other aid projects or mislabelling cash, new research suggests.

Only $11.5bn (£9.2bn) of climate finance from rich countries in 2020 was devoted to helping poor countries adapt to extreme weather, despite increasing incidences of climate-related disaster, according to a report from the charity Oxfam.

Nafkote Dabi, Oxfam’s international climate change policy lead, said this was inadequate given the scale of the problem. “Don’t be fooled into thinking $11.5bn is anywhere near enough for low- and middle-income countries to help their people with more and bigger floods, hurricanes, firestorms, droughts and other terrible harms brought about by climate change,” she said. “People in the US spend four times that each year feeding their cats and dogs.”"

Fiona Harvey reports for the Guardian June 4, 2023.

Source: Guardian, 06/05/2023