Rich nations failed to meet $100 bn climate finance promise in 2022: Oxfam

Rich countries falsely claimed that they provided nearly USD 116 billion in climate finance to developing countries in 2022, while the actual financial support given was not more than USD 35 billion, according to global non-profit organization Oxfam International.

At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations.

In May, the Organization for Economic Co-operation and Development (OECD) said that developed countries had met the long-standing USD 100-billion-a-year promise by providing nearly USD 116 billion in climate finance to developing countries in 2022.

However, nearly 70 per cent of this money was in the form of loans, many of which were provided at profitable market ..