Devex Examines Whether Climate Finance Being Redirected From Existing Development Assistance Budgets; IFRC Warns Climate Change Poses Enormous Global Threat

Devex: Is climate finance diverting from development assistance?
“…Due to a lag in reporting, it will take another two years to know for sure whether high-income countries have met their commitment to provide $100 billion of climate finance to lower-income countries per year by 2020. Even if they officially reach the $100 billion mark, however, there will continue to be questions about whether that funding truly reflects the spirit of a global climate change agreement built on trust and solidarity. In particular, some climate finance experts are concerned that governments’ efforts to boost international funding for climate change may not actually reflect new resources. A significant amount of this funding, they worry, has likely been redirected from development assistance budgets and relabeled as climate finance…” (Igoe, 11/17).

Al Jazeera reports on an International Federation of Red Cross and Red Crescent Societies report warning climate change poses a bigger global threat than the COVID-19 pandemic.

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