In 2009, rich countries promised to ramp up climate finance to $100bn a year by 2020 to support climate action in lower-income countries low- and middle-income countries. According to the OECD, climate finance in 2022 stood at nearly $116 billion, reaching an surpassing the level originally promised for 2020.
In this new analysis, Oxfam estimates the impact of generous accounting practices that lead to significant over-estimation of provided support. By that estimate, the actual, support effort by developed countries specifically targeting climate action may have amounted to a mere $28-35 billion, much lower than what officially reported figures seem to suggest.
This Methodology Note explains how the estimate was calculated.
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