The quality and quantity of climate finance to developing countries must increase significantly if the world is to have any chance of keeping temperature increases to within 1.5°C and those vulnerable to climate change are to get the support to which they are entitled. The Paris Agreement laid out a vision for shifting all financial flows – public and private – to be consistent with low emission, climate resilient development.
Mainstreaming climate objectives into development strategies and spending is an essential element in meeting this objective.
Financial support to adapt to climate extremes in developing countries is urgent and rising. The combined effects of climate change and El Niño this year have devastated harvests and left an additional 40 million people in Southern Africa alone facing hunger. For developing countries, the need for adaptation finance is particularly pronounced in agriculture.
This report offers a critical assessment of reported international public climate finance flows in the context of developed country commitments under the United Nations Framework Convention on Climate Change (UNFCCC). It assesses 2020 climate finance commitments, and climate finance contributions for the period 2013–14 (bilateral and multilateral) using three main sources of data: UNFCCC second biennial reports produced by donor countries; the OECD Development Assistance Committee (DAC) database, which captures the climate-relevance of donors’ ODA spending; and the recently published Roadmap to $100 Billion by developed countries, and associated technical report by OECD.