Climate finance for developing countries reached USD 71 billion in 2017

wind

(Luca Bravo, Unsplash)

This article is brought to you in association with OECD.


Climate finance provided and mobilised by developed countries for climate action in developing countries reached USD 71.2 billion in 2017, up from USD 58.6 billion in 2016, according to new estimates from the OECD.

While the 2016 and 2017 totals cannot be directly compared with earlier years due to improvements in data and methodology relating to private finance, Climate Finance Provided and Mobilised by Developed Countries in 2013-17 shows the overall trend is upwards.

“The goal to reach USD 100 billion in annual climate finance by 2020 is still attainable, but we must urgently step up our efforts to provide public climate finance and improve its effectiveness in mobilising private finance,” said OECD Secretary-General Angel Gurría.

The report gives estimates for mobilised private finance and public flows (estimates on public flows were already published in November 2018). It shows public climate finance is increasing again, after stalling in 2015, and is consistent with projections made by the OECD in 2016. Estimates of private finance in 2016-17 suggest that more needs to be done.

“Our estimates for 2013-2017 show that developed countries are making progress on climate finance and the indications are that this upward trend will continue. Multilateral development banks are reporting a significant rise in their climate finance outflows in 2018, which we will be analysing as soon as their activity-level data is available to us,” said Mr Gurría.

The amount of climate finance going to adaptation activities rose to USD 13.3 billion in 2017 from USD 9.1 billion in 2013, meaning adaptation now accounts for 19% of total climate finance, up from 17% in 2013. The share of climate finance going to mitigation activities was 73% in 2017, compared to 76% in 2013, with the rest going to crosscutting activities.

For public climate finance, the ratio of grants to loans was relatively stable over 2013-17. Grants made up over a third of bilateral and about 10% of multilateral finance, while loans represented 60% of bilateral and nearly 90% of multilateral finance. The share of grants in public climate finance in 2016-17 is higher for least-developed countries (36%) and small-island developing states (54%) than for developing countries as a whole (24%).

The private component of climate finance consists of private funding for climate projects mobilised by developed countries’ public climate finance instruments. These include investments in companies and special purpose vehicles, loan guarantees, credit lines, loan syndications and co-financing schemes. The public component consists of bilateral climate finance and multilateral climate finance attributable to developed countries. Officially supported climate-related export credits are accounted for as a separate component.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Human trafficking cases hit a 13-year record high, new UN report shows

At least 2.5 million migrants were smuggled in 2016, first UN global study shows

Mobile World Congress Shanghai 2019, in association with The European Sting

Air pollution could be responsible for 1 in 7 new cases of diabetes

‘Act now with ambition and urgency’ to tackle the world’s ‘grave climate emergency’, UN chief urges UAE meeting

COP21 Breaking News_12 December: Another sleepless night for the negotiators before Indaba meeting

The creation and maintenance of smoke-free public spaces in the UK

‘Emulate his example’ urges UN chief as world celebrates Nelson Mandela: a ‘global advocate for dignity and equality’

Canada has high levels of well-being and solid growth but trade tensions and housing market pose risks while inclusiveness could be improved

MEPs urge the EU to lead the way to net-zero emissions by 2050

We must stop choking the ocean with plastic waste. Here’s how

The rise of alternative medical practices in modern sports

Half of all mental illness begins by the age of 14

Listen to the future – how 26 youth-led organizations are supercharging the UN’s Global Goals

Strengthening security through an EU-wide information system

Heart attacks and strokes are more common on high pollution days, data shows

Quantitative easing: how Mario can tackle low inflation in Eurozone

Deal on faster exchange of non-EU nationals’ criminal records

This is the critical number that shows when housing breaks down

US Tariffs on Steel and Aluminium: Statement of Trade Committee Chair

Corruption In The Balkans Is Impeding EU Membership

How regenerative agroforestry could solve the climate crisis

Big data is coming to agriculture. Farmers must set its course

Predicting two more years of economic stagnation

Business models inspired by nature are the future

A Sting Exclusive: “Without climate, forget about peace!”, Swedish MEP Bodil Valero cautions from Brussels

If innovators can solve India’s problems, they can save the world. Here’s why

UN chief praises New Zealand premier’s ‘admirable’ response to Christchurch attacks

Prevent future crises and empower youth – now!

Cutting CO2 emissions from trucks: MEPs reach deal with Council

Third Facebook-Cambridge Analytica hearing: data breach prevention and cures

UN conference agrees better ways for Global South countries to work together on sustainable development

More unemployment and lower wages to make European workers competitive?

UN human rights chief denounces grave ‘assaults’ on fundamental rights of Palestinian people

UN chief welcomes announcement by Emir of Qatar to allocate $50 million to support Syrian refugees, displaced persons

Germany objects to EU Commission’s plan for a Eurozone bank deposits insurance scheme but Berlin could go along

Portugal wants its emigrants back – so it’s paying them to return

Women’s voices must be heard in the battle to save the ocean

Wars have rules: 5 things the UN humanitarian chief wants countries to tackle so human suffering in conflict can be minimized

Workplace bullies could now go to jail in South Korea

6 facts to know about EU alternative investment funds

A day in the life of a refugee: We should be someone who helps

The 5 biggest challenges cities will face in the future

A Sting Exclusive: “Our ambition is by 2020 Indonesia to become an emerging power of World’s Maritime Access”, reveals the Chargé d’Affaires at the Embassy of Indonesia in Brussels, treating WEF, ASEAN and EU-Indonesia relations on the eve of the World Economic Forum East Asia 2015 in Jakarta

Trump systematically upsets global order and trade: Where does this end?

ECB should offer more and cheaper liquidity if Eurozone is to avoid recession

EU fundamental rights under threat in several member states

Explained, the economic ties between Europe and Asia

Commission supports normalisation in Greece through activation of post-programme framework

EU finally agrees on target for 40% greenhouse emission cuts ahead of Paris climate talks

ECB embarks on the risky trip to Eurozone banking universe

Young and unemployed the perfect victims of ‘vultures’

Want a sustainable business? Hire in talent

FIRST PERSON: An artist’s ‘obsession’ with New Orleans tradition

Drones are saving lives in Tanzania’s remote communities

10th ASEM in Milan and the importance of being one: EU’s big challenge on the way to China

ECB describes in detail how it exploits the poor

Migration has set EU’s political clock ticking; the stagnating economy cannot help it and Turkey doesn’t cooperate

Make no mistake: the purpose of business is to serve society

Syria: Guterres concerned over reported attacks in Idlib, calls for ‘full investigation’

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s