As many developing countries reel from the effects of coronavirus, the ever-present prospect of climate-induced extreme weather risks bringing crises on top of crises and poverty on top of poverty. Climate change could undo decades of progress in development and dramatically increase global inequalities. The need for climate finance to help countries cope and adapt is urgent and rising.
Over a decade ago, developed countries committed to mobilize $100 billion per year by 2020 to support developing countries to adapt to the impacts of climate change and reduce their emissions. The goal is a critical part of the grand bargain that underpins the Paris Agreement.
As 2020 draws to a close, Oxfam’s Climate Finance Shadow Report 2020 offers an assessment of progress towards the $100 billion goal. The third in a series, this report looks at the latest donor figures for 2017–18, with a strong focus on public finance. It considers fundamental questions including: how developed countries are counting the climate finance they report; what it is being spent on; where it is going; how close we are to the $100 billion goal; and what lessons need to be learned for climate finance post-2020.