Finance for poor countries to help them reduce their greenhouse gas emissions and deal with climate change is lagging behind the promises of rich countries, an Oxfam report finds. While taxpayer-funded finance has increased, and the private sector has stepped up with some initiatives, the amount raised could still fall short of the goal of providing $100bn a year to the developing world by 2020. The 2015 Paris agreement on climate change re-stated the $100bn financial target, but Oxfam says the taxpayer-funded finance from rich countries in 2015-16 stood at about $48bn, or nearly half the amount promised for 2020. In a 28-page report published Thursday, entitled Climate Finance Shadow Report 2018: Assessing Progress Towards the $100bn Commitment, Oxfam says funding announced by donor countries involves projects and aid not directly related to climate change.
Guardian 3rd May 2018 read more »