Thus, the rich countries’ Organisation for Economic Co-operation and Development (OECD) reported US$80 billion in climate finance for developing countries in 2019. Fudging numbersBut OECD climate finance numbers include non-concessional commercial loans, “rolled-over” loans and private finance. Official development assistance redesignated as climate finance should be categorised as “reallocated”, rather than “additional” funding. India has disputed the OECD claim of US$57 billion climate finance in 2013/14, suggesting a paltry US$2.2 billion instead! Oxfam estimates public climate financing at only US$19 billion to US$22.5 billion in 2017/18, with little effective coordination of public finance.

Source: The Edge Markets November 12, 2021 02:40 UTC