$100 billion

As global greenhouse emissions continue to rise, and climate change wreaks more havoc upon the people and places least responsible for the problem, rich polluting countries are now three years overdue on their promise to mobilize $100 billion a year in climate finance for low- and middle-income countries.

“While this report provides helpful information on various actions to advance the climate finance agenda, it fails to boost confidence that developed countries will make significant and swift progress on meeting their commitment to provide $100 billion annually, over 2020-2025 to assist poor countries. The report would have been an ideal moment for developed countries to spell out how they will compensate for missing the $100 billion mark earlier through additional climate finance in subsequent years. Also, it lacks a robust roadmap as to how they’re going to double adaptation finance by 2025, something they agreed to at COP 26.”

Details of the World Bank’s climate finance flows to developing countries are being poorly disclosed and may be hiding discrepancies and allowing for dubious claims, according to a new report by Oxfam.

Wealthy nations are expected to fall up to $75 billion short of fulfilling their long-standing pledge to mobilize $100 billion each year from 2020 to 2025 to help the most vulnerable countries adapt to the dangerous effects of climate change and reduce their emissions, according to estimates by Oxfam today.

Responding to the Intergovernmental Panel on Climate Change’s Working Group I contribution to the Sixth Assessment Report, Oxfam Climate Policy Lead Nafkote Dabi said: “Amid a world in parts burning, in parts drowning and in parts starving, the IPCC today tables the most compelling wake-up call yet for global industry to switch from oil, gas and coal to renewables."