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Rich nations ‘hugely exaggerate’ climate finance: Study

Rich nations 'hugely exaggerate' climate finance: Study

PARIS: Rich countries have over-reported finance to help countries adapt to the impacts of climate change by US$20 billion over the last decade, leaving at-risk communities drastically underfunded, a new analysis showed on Thursday (Jan 21).

Under the 2015 Paris climate deal, countries are required to boost funding to hard-hit governments, evenly split between cash to mitigate global warming and to help them adapt to future climate impacts.

Developed countries promised to provide US$50 billion in annual finance for adaptation by 2020. But official OECD figures show that in 2018 donors committed just US$16.8 billion.

The true figure, according to an analysis by green group CARE International, is in fact far lower: Just US$9.7 billion.

CARE and its partner organisations in Africa and southeast Asia assessed 112 climate adaptation projects funded by 25 donor nations equivalent to 13 per cent of total global adaptation finance between 2013-2017.

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They found that the funding for adaption in these projects had been over reported by 42 per cent. Applying that figure to remaining projects, CARE said that adaptation finance had been over-reported by US$20 billion during the same period.

It said several countries and donors had overblown their adaptation grants by including finance for construction projects such as housing and roads not related to the climate at all.

"The world's poorest people are not responsible for the climate crisis yet are hardest hit," said John Nordbo of CARE Denmark.
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