HOW TO FIX THE BROKEN PROMISES OF CLIMATE FINANCE

Japan, for instance, treats the full value of some aid projects as 'climate relevant' even when they don't exclusively target climate action, says Tracy Carty, a senior policy adviser on climate change at Oxfam. Diann Black-Layne, Antigua and Barbuda's climate-change ambassador a...

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Bibliographic Details
Published in:Nature (London) 2021-10, Vol.598 (7881), p.400-402
Main Author: Timperley, Jocelyn
Format: Article
Language:English
Subjects:
Adaptation
Carbon
Carbon emissions
Climate action
Climate change
Climate finance
COVID-19
Developed countries
Developing countries
Emissions
Emissions control
Finance
Funding
LDCs
Loans
Nations
Net zero
Paris Agreement
Voters
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Summary:Japan, for instance, treats the full value of some aid projects as 'climate relevant' even when they don't exclusively target climate action, says Tracy Carty, a senior policy adviser on climate change at Oxfam. Diann Black-Layne, Antigua and Barbuda's climate-change ambassador and formerly the lead climate negotiator for a group of low-lying coastal and island nations called the Alliance of Small Island States, says rich nations have intentionally inflated their climate aid. Donors might favour mitigation projects because success is clear and measurable - it can be quantified by the avoided or captured carbon emissions - whereas it's less easy to define successful adaptation, says climate-finance researcher Jessica Omukuti at the University of Oxford, UK, who works on equitable ways for the world to reach net zero carbon emissions. Politicians in developed countries also perceive that they get more praise from other nations, and from domestic voters, for spending to reduce emissions, she adds, whereas adaptation aid is seen as only helping specific recipient countries.
ISSN:0028-0836
1476-4687
DOI:10.1038/d41586-021-02846-3