Least developed, most vulnerable: have climate finance promises been fulfilled for the LDCs?
As part of the Copenhagen Accord, wealthy nations pledged to help developing countries transition to a low carbon economy and to deal with the impacts of climate change. This paper assess whether wealthy nations transparently contributed a fair-share of the US$ 30 billion pledge, while balancing adaptation and mitigation funding, sourcing funds through UNFCCC channels, and without reverting to debt-inducing loans in the place of grants. The focus is on the extent to which wealthy nations are meeting their obligations to the world’s 48 Least Developed Countries (LDCs). The paper finds that wealthy countries have not met expectations during the fast start period. However, while contributors have surpassed their commitment of US$ 30 billion during the period, less than a third of this money is ‘new and additional’ as promised. Only one-quarter of climate finance (or less) supports adaptation in developing countries, in spite of promises to ‘balance’ it with mitigation funding.