Rich Countries 'Short-Changing' Developing World on Climate Finance

Oxfam has criticized rich countries for not being transparent about their climate finance contributions, accusing them of overstating their support by up to €82bn. According to a new report, while €107bn was pledged in 2022, the actual aid provided to developing nations was closer to €26bn to €32bn, with 70% of the funds given as loans at profitable market rates. This discrepancy highlights the need for greater honesty and transparency in climate finance commitments from wealthier nations to ensure effective support for tackling climate change impacts in poorer countries.

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