There’s a fundamental problem with how rich countries are paying for climate damages

The money pool includes flows from federal agencies such as the US Development Finance Corporation and contributions to the United Nations-managed Green Climate Fund, designed to help poor countries adopt clean energy and adapt to the effects of climate change. During the Paris climate summit in 2015, the countries of the Organization for Economic Co-operation and Development (OECD) agreed to raise at least 100 billion US dollars annually by 2020. An October 2020 Oxfam report concluded that developing countries ultimately pocketed only $ 25 billion of $ 60 billion in climate finance between 2017-18, after credit repayments and interest have been deducted.

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