In its first report on the global funding the Climate Fund is seeking for developing countries, Oxfam says that an estimated 21 of the 64 countries signing up to join have missed their first deadline to raise €28bn.
The report highlights 17 countries have not managed to bring in any funds from their overseas development aid budgets so far.
It says: “Poor and vulnerable countries have been at the forefront of the 2015 global climate negotiations, and provided the vast majority of the money pledged in support of the existing global climate fund.”
But there was resistance from governments because of their insistence the fund be injected with an additional €30bn between now and 2020.
Over the summer it was revealed that the first long-term climate finance was going to be kicked into the long grass – as is often the case in such politically charged negotiations.
While the poorest are going to miss this critical climate financing gap and worse still they may not make any money at all, the richest may be set to make much more money than projected.
Oxfam says: “To fill the shortfall in climate finance, rich countries could find some €40bn in cuts to existing aid budgets. But why should the least developed countries pay for the sins of the rich world?”
The Climate Fund was set up in 2015 to fund the climate costs of adaptation, low-carbon and clean technologies for poor countries. It is aiming to bring together climate finance from rich and poor countries but Oxfam argues that the majority of this money should come from the rich countries.
Rich nations have committed to mobilise at least $100bn by 2020. For every €1 currently committed, a figure of €1 in red would be required, so the shortfall in climate finance was originally forecast to total €30bn by 2020.