The analysis comes ahead of informal climate negotiations between world leaders at the UN General Assembly later today – a critical moment for putting the goal back on track before the COP26 climate summit in Glasgow in November.
(The Organization for Economic Cooperation and Development) on friday released new data showing industrialized nations have committed only about 80 billion dollars in climate finance in 2019.
Based on recent pledges, Oxfam projects that rich governments will fail to achieve its $100 billion (€72.5 billion) goal, reaching a mere $93 billion (€67 billion) to $95 billion (€69 billion) annually by 2025, more than five years after reaching its goal.
That means that, collectively over the six-year target period, the country’s climate-vulnerable population will lose between $68 billion and $75 billion.
An estimated five million people die from hot and cold temperatures each year, accounting for over nine percent of deaths around the world, which are expected to rise due to climate change.
Climate change may cause economic losses which are twice as great as the pandemic, but it is not dealt with with with equal urgency.
At least 50% of climate financing should be used for adaptation.
“Poor families in rural Bangladesh spend almost US $2 billion annually on preventing climate-related catastrophes or repairing the damage they generate-twice what the Government gets, and more than twelve times more than Bangladesh receives from multilateral international climate finance.