In total, the richest countries have pledged nearly US$18 billion in the last seven years. However, less than US$900 million of that money has been disbursed from various United Nations and World Bank funds. “It’s a scandal,” said Bernarditas Muller of the Philippines, chief negotiator for the Group of 77 (G77) and China alliance of developing countries. “The amount the developed countries have provided is peanuts. It is poisoning the UN negotiations. … It’s an insult to people who are already experiencing increasing extreme [climate] events.”
Based on data collected by the independent Overseas Development Institute in London and confirmed by the United Nations, the analysis also determined that, in seven years, the UN Global Environment Facility’s Least-Developed Countries Fund has disbursed only US$47 million of its $172 million.
The data also show that money tends to go to large countries, such as China, India and Brazil, rather than to projects in the world’s 49 poorest nations, among which Africa is heavily represented. Bilaterally, rich countries also have promised greater financial contributions than they have made. The United Nations says US$50 billion to $70 billion a year needs to be invested now to help poor countries adapt to extreme floods, droughts and heatwaves, with much more money needed later.
See full story