High-income countries are far behind on their international climate finance obligations, but that hasn’t stopped them from taking money from development aid budgets, according to a new analysis launched ahead of the United Nations General Assembly taking place in New York this week.
A failure of high-income countries to deliver on a 2009 promise to mobilize $100 billion a year in climate finance — on top of aid — to lower-income countries vulnerable to the effects of global warming has long soured climate negotiations, causing mistrust and impeding progress in climate talks.
While that target is expected to be met this year, the focus of many climate experts is already moving to the post-$100 billion target, known as the New Collective Quantified Goal, or NCQG, due in 2025 and is expected to run into the trillions. However, two recent reports have added to extensive concerns about existing climate finance, including its overlap with traditional official development assistance.
About the author
William Worley@willrworley
Will Worley is the Climate Correspondent for Devex, covering the intersection of development and climate change. He previously worked as UK Correspondent, reporting on the FCDO and British aid policy during a time of seismic reforms. Will’s extensive reporting on the UK aid cuts saw him shortlisted for ‘Specialist Journalist of the Year’ in 2021 by the British Journalism Awards. He can be reached at william.worley@devex.com.
