Rich nations 'hugely exaggerate' climate finance: Study

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PARIS: Rich countries have over-reported finance to help countries adapt to the impacts of climate change by US$20 billion over the last decade, ...

PARIS: Rich countries have over-reported finance to help countries adapt to the impacts of climate change by US$20 billion over the last decade, leaving at-risk communities drastically underfunded, a new analysis showed on Thursday .

CARE and its partner organisations in Africa and southeast Asia assessed 112 climate adaptation projects funded by 25 donor nations equivalent to 13 per cent of total global adaptation finance between 2013-2017.They found that the funding for adaption in these projects had been over reported by 42 per cent. Applying that figure to remaining projects, CARE said that adaptation finance had been over-reported by US$20 billion during the same period.

"Not only have rich nations let the Global South down by failing to deliver enough adaptation finance, but they have tried to give the impression that they are providing more than they do."The assessment showed that Japan had over-reported its climate adaptation finance by more than US$1.3 billion, including more than US$400 million on projects such as a"Friendship Bridge" and an expressway in Vietnam.

It said the true cost of adaptation - reducing the fallout among communities and increasing their capacity to deal with climate-related disasters such as floods and drought - was currently around US$70 billion annually.CARE also raised concern that many development projects ostensibly meant to help climate-vulnerable states adapt were financed in the form of loans rather than outright grants.

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