Roadmap confirms rich nations will meet $100 billion climate finance target later than promised: Oxfam reaction

Rich nations today published a Climate Finance Delivery Plan claiming that it will take until 2023 to meet their commitment to mobilize $100 billion each year to support poorer nations to confront the climate crisis. In response, Jan Kowalzig, Senior Climate Policy Adviser at Oxfam said: 
 
“This plan claims that rich nations will meet their target three years late, but conveniently fails to mention the money that poorer countries are owed for every year they fell short. This shortfall, which started to accumulate in 2020, will likely amount to several tens of billions of dollars. These are achievable amounts of money — governments have spent trillions on COVID-19 fiscal recovery packages, which show their ability to act in an emergency. This is an emergency. 
 
“This roadmap also provides no robust commitment to increase the share of finance for adaptation, or to provide more support in the form of grants rather than loans. It is unacceptable that poorer countries that have done little to cause the climate crisis are being forced to take out loans to protect themselves from surging climate disasters like droughts and storms. 
 
“It is difficult to verify the timeline presented in this plan because it does not reveal the underlying data and assumptions. Instead, it relies on the self-reporting of donor countries which allows them to grossly over-estimate the value of the support they provide. Oxfam has previously estimated that the finance targeted specifically at actions to combat climate change may be as little as a quarter of what is reported.  
 
“With the COP26 climate talks just a week away, time is running out for rich nations to build trust and deliver on their unmet target. This raises the stakes in Glasgow where wealthy governments must agree to more stringent reporting standards, on ensuring climate finance is directed to the right places and on a plan beyond 2025.”