"For 30 years, industrialized countries, which are primarily responsible for the climate crisis, have been promising that they will reduce greenhouse gas emissions consistent with the climate science, promote the energy transition, and combat the effects of climate change. Additional promises have also been made regarding climate financing at the UN Conference of the Parties (COP) climate summits in Copenhagen (2009) and Paris (2015)."
"At the Paris conference, for example, $100 billion dollars a year were pledged from 2020 onwards. This target was reached for the first time in 2022 but only on paper. The industrialized nations reported contributions of $116 billion, but according to the aid organization Oxfam, the actual value of the aid amounts to only $ 28 to 35 billion. This is because almost 70 percent of the aid is loans and not payments."
UN climate conferences function primarily as announcement summits. For three decades industrialized countries have pledged to reduce greenhouse gas emissions, advance the energy transition, and address climate impacts. Promises of climate financing have been repeatedly made at COP meetings, including pledges of $100 billion annually from 2020 and a $300 billion annual target from 2035. Reported finance figures have often overstated real support because most contributions are loans rather than grants. Oxfam estimates that of reported contributions only $28–35 billion represented real aid in 2022. Reliance on loans exacerbates external debt in developing countries, which reached $11.4 trillion in 2023.
Read at Truthout
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