Climate con? Rich countries overstate climate financing to developing nations by up to 76 per cent

Climate con? Rich countries overstate climate financing to developing nations by up to 76 per cent
Climate con? Rich countries overstate climate financing to developing nations by up to 76 per cent - Civil society actors at COP29 in Baku, Azerbaijan, advocate for climate financing initiatives. (Photo: UNFCCC/Kiara Worth)
Civil society actors at COP29 in Baku, Azerbaijan, advocate for climate financing initiatives. (Photo: UNFCCC/Kiara Worth)

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The latest report finds that wealthy nations reported mobilising nearly $137 billion (Sh17.7 trillion) in climate finance in 2024.

Rich countries are overstating the value of climate finance they provide to developing nations, creating a widening gap between reported support and the actual resources reaching countries on the frontline of climate change, according to a new Oxfam analysis.
The latest report finds that wealthy nations reported mobilising nearly $137 billion (Sh17.7 trillion) in climate finance in 2024.
However, the actual value of the support is estimated at between $33 billion (Sh4.3 trillion) and $45 billion (Sh5.8 trillion) after accounting for the real financial contribution made through different financing instruments.

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This means the true value is no more than a third of the amount reported, with the difference amounting to about $100 billion (Sh12.9 trillion).
“This exceeds the $88 billion (Sh11.4 trillion) by which climate finance was overstated in 2022,” reads the report.
Additionally, Oxfam reckons that much of the reported financing was delivered through loans rather than grants, increasing debt pressures for the low- and middle-income countries already struggling with the economic impacts of climate change.

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While $106 billion (Sh13.7 trillion) of the reported amount was provided as public finance, $69 billion (Sh8.9 trillion), representing 65 per cent, was delivered as loans.
The organisation says many of these loans were offered on market terms, requiring limited financial effort from rich countries while leaving poorer nations with additional repayment obligations.
Notably, only $15 billion (Sh1.9 trillion) to $18 billion (Sh2.3 trillion) of the reported climate finance was allocated towards adaptation, despite developing countries facing rising costs from extreme weather events and other climate-related impacts.
Commenting on the findings, Oxfam Climate Policy Lead Mariana Paoli said the rich countries are simply creating an illusion of solidarity through the figures they state.
“Once again, the richest and most polluting countries are inflating the value of the climate finance they provide, creating the illusion of solidarity while delivering far less than they claim,” Paoli said.
The findings come weeks after the Bonn climate talks, where rich governments declined to strengthen the commitment made at COP30 in Brazil to triple adaptation finance by 2035. 
Oxfam estimates that even achieving that target would only meet about one-third of the adaptation needs of poorer countries.
The organisation is calling for increased grant-based climate finance rather than reliance on loans, arguing that grants are critical for helping vulnerable countries adapt to climate impacts, reduce emissions and respond to climate-related losses and damage.

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