On Tuesday, Oxfam published a report finding nearly 80% of climate finance to developing countries took the form of loans, rather than grants. The report asserts excessive use of loans and the provision of non-concessional finance in the name of climate assistance is an overlooked scandal. The commitment to mobilize US$100 billion per year by 2020 to help vulnerable nations cut their emissions and cope with climate impacts.
In total, rich countries gave just $12.5bn in the form of grants, $22bn in loans with better-than-market rates and around $24bn in loans with standard market rates. Interest charges and payments to creditors were not deducted from donor countries’ climate finance figures.
For additional details on the extent to which climate finance has fallen short, please visit the link below: