The world’s wealthiest countries top-up climate finance with funds diverted from world’s poorest, finds a new report, released by the non-governmental organization (NGO) CARE International. According to the report, most of the public climate finance reported by rich countries is taken directly from development aid budgets, despite long-standing commitments to provide new money.
The NGO’s analysis uses data reported to the United Nations Framework Convention on Climate Change (UNFCCC) to assess whether this reported climate finance is in fact “new and additional”. The report finds that the G7 and other developed countries have made use of hollow definitions of “new and additional” to overreport their climate finance. This overreporting means that rich countries have overwhelmingly diverted funds intended for health, education, gender equality and poverty alleviation to climate finance.
Further information
Full Report: That's Not New Money, CARE International, released June 23, 2022
https://www.care-international.org/sites/default/files/2022-06/That%27s%20Not%20New%20Money_FULL_16.6.22.pdf
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