93% of the climate finance reported by wealthy countries between 2011 and 2020 was taken directly from development aid, new research from CARE has found, potentially threatening the progress of the Sustainable Development Goals.
In April 2022, the Intergovernmental Panel on Climate Change said it was “essential” that climate financing was “new and additional” and “not at the cost of the SDGs.”
Yet CARE’s research found that 16 of the countries assessed failed to surpass the 0.7% ODA target in any of the last 10 years, therefore providing no strongly new and additional climate finance at all. Only three countries (Luxembourg, Norway, and Sweden) have consistently surpassed the commitment to provide 0.7% of their GNI as ODA as well as providing large per capita amounts of climate finance.