Climate Change

Asia received largest share of climate finance in 2017: report

The report by Organization for Economic Cooperation and Development adds that public climate finance from developed to developing countries has increased in 2017 from 2016

 
By DTE Staff
Last Updated: Thursday 29 November 2018
Cimate finance
Public climate finance has risen by 44% from USD 39.5 billion in 2013. Credit: Getty Images Public climate finance has risen by 44% from USD 39.5 billion in 2013. Credit: Getty Images

Public climate finance from developed to developing countries has risen by 17 per cent in 2017 as compared to 2016, shows a report by the Organization for Economic Cooperation and Development (OECD).

The report, which compiles data from 2013-2017, shows that the increase in public climate finance was also seen through the five-year period apart from a small dip in 2015. In fact, the rise from 2013 to 2017 was by a significant 44 per cent, adds the report. The data includes bilateral public climate-related aid, multilateral climate finance, and officially supported climate-related export credits. The report adds that the 2017 figure is consistent with projections of OECD’s 2016 report. It had said that in 2020, it would reach US $ 66.8 billion in 2020, excluding export credits. The figure in 2017 is US $ 56.7 billion.

While bilateral public climate finance increased by 20 per cent (US$ 27 billion) from 2013 to 2017, multilateral climate finance rose by 79 per cent (US$ 27.5billion) and climate-related export credits increased by 31 per cent (US$ 2.1 billion). While bilateral aid is money given directly from one government to another, multilateral aid comes from numerous different governments and organisations and is usually arranged by an international organisation such as the World Bank or the UN.

The report also calculates the increase in finance for adaptation to climate change rose by 65 per cent from 2013 to 2017 and a 38 per cent increase in finance for climate change mitigation. It added that all regions received increasing amounts of public climate finance over the period. Asia received the largest share of bilateral and multilateral climate finance over the period at more than 80 per cent in any given year. Asia was followed by Africa and Latin America.

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