Developed countries met their $100 billion climate finance target for developing nations in 2023, but some countries’ overperformance, combined with a focus on quantity rather than quality of funds mobilized, concealed others’ inefficiency, a new report found.
To pinpoint exactly where countries fell short on their commitments, the ODI think tank calculated each nation’s fair share based on historical responsibility for cumulative emissions, GDP, and population. The US, for example, paid less than half its fair share in 2023 despite bearing responsibility for the largest portion of climate finance. By contrast, Norway, France, Sweden, and Japan provided more than twice what they would be expected to deliver.
But even those figures need nuancing: France, while appearing generous in its contributions, stands out for its reliance on loans, while Japan, another generous contributor, allocated less than 15% of its climate finance to adaptation, focusing mostly on lower-emission projects rather than climate-resilient developments.
