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Developed countries are three years overdue in meeting their climate commitment: Oxfam Report states
Climate Finance Shadow Report 2023 assesses the delivery of the $100 billion commitment made by developed countries to mobilize climate finance annually. According to the report, developed countries are three years overdue in meeting this commitment, which has undermined trust in climate talks and could have serious consequences for avoiding the worst impacts of climate change.
The report highlights that the world is not on track to keep global warming below the 1.5 degrees Celsius limit set by the Paris Agreement, and the consequences of climate inaction are already being felt. It mentions specific examples such as the severe drought in East Africa, record heat waves and wildfires in various regions, and the impacts on vulnerable groups, particularly women and girls.
The report emphasizes the importance of international climate finance in supporting communities and countries on the frontlines of climate change, including addressing climate damages, adapting to unavoidable climate change, and advancing low-carbon development pathways. However, it states that current climate finance falls significantly short of the promised $100 billion per year and is based on accounting practices that do not reflect the actual level of support provided.
What is at stake for the African continent
As developed countries fail to fulfill their climate finance pledges, this have significant consequences especially for the african continent. Firstly, African countries face limitations in implementing adaptation measures to cope with the impacts of climate change, leading to increased vulnerability and reduced resilience. Secondly, the insufficient funding hinder the implementation of clean energy projects and sustainable development initiatives, slowing down progress in mitigating climate change and transitioning to low-carbon economies. This, in turn, impede Africa’s overall development potential and hinder the achievement of the Sustainable Development Goals.
Additionally, the lack/insufficiency of climate finance may force African nations to rely on costly loans or internal resources, increasing their debt burdens and diverting funds from other important priorities. Moreover, the failure to deliver on promised funds could hamper capacity building, technology transfer, and knowledge sharing, hindering Africa’s ability to effectively address climate change. Lastly, the failure to fulfill climate finance commitments may strain international relations, eroding trust and cooperation in global climate negotiations.
Recommendations of the report
The report makes several recommendations to improve climate finance, including enhanced transparency in reporting, meeting the $100 billion goal, supporting locally led and gender-transformative solutions, establishing a new finance goal for the post-2025 period, and mobilizing new and additional finance from innovative sources. It also emphasizes the need for public finance to be grant-based and highlights the importance of addressing loss and damage.
Overall, the report calls for urgent action to restore trust, provide much-needed finance, and accelerate climate action at the scale needed to address the challenges of climate change.