"The Guardian and Carbon Brief analysed previously unreported submissions to the UN, along with data from the Organisation for Economic Cooperation and Development (OECD), that show how billions of dollars of public money is being committed to the fight against global heating. The investigation found a broadly functioning system that shifts capital from rich polluters to vulnerable nations, helping them clean their economies and adapt to a hotter world."
"Although official data is not extensive enough to trace all the recipients of climate finance, the Guardian analysis found that about a fifth of the funding in 2021 and 2022 went to the world's 44 poorest countries, known as the least developed countries (LDCs). Much of that was in the form of loans, rather than grants. Some LDCs received more than two-thirds of their climate finance in the form of loans, whose repayment terms can push governments further into debt traps."
"China and wealthy petrostates including Saudi Arabia and UAE are among countries receiving large sums of climate finance, according to an analysis. But it also found that because the distribution of the largest part of the funds had no central oversight and was entirely at the discretion of individual countries, it was subject to political interests and not always directed where it was most needed."
Public climate finance commitments show that countries such as China, Saudi Arabia and the UAE receive large sums alongside vulnerable nations. A system channels capital from developed, high-emitting countries to developing nations through bilateral and multilateral channels and development banks. Distribution of major funds lacks central oversight and is at individual countries' discretion, introducing political motivations and misalignment with need. Around one-fifth of climate finance in 2021–2022 went to the 44 least developed countries, often as loans rather than grants. Several LDCs received more than two-thirds of their climate funding as loans, raising concerns about debt exposure despite the $100bn mobilization pledge being met.
Read at www.theguardian.com
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