International climate finance is vital to global cooperation on climate change. As many developing countries reel from the effects of coronavirus, the prospect of climate-induced extreme weather risks compounding crises and poverty. Climate change could undo decades of progress in development and dramatically increase global inequalities. There is an urgent need for climate finance to help countries cope and adapt.
Over a decade ago, developed countries committed to mobilize $100bn per year by 2020 to support developing countries to adapt and reduce their emissions. The goal is a critical part of the Paris Agreement.
As 2020 draws to a close, Oxfam’s Climate Finance Shadow Report 2020 offers an assessment of progress towards the $100bn 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 how climate finance is being counted and spent; where it is going; how close we are to the $100bn goal; and what lessons need to be learned for climate finance post-2020.
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