ODI [to 6 December 2014]
http://www.odi.org/media

Morocco and Mexico are the big winners from international climate funds, while many poor countries are left behind – new ranking
News – 2 December 2014
The most detailed study yet of international funding to adapt to climate change and cut emissions reveals that half of the US$7.6 billion approved to date is targeted at just ten countries.

In the new report Climate finance: is it making a difference? the Overseas Development Institute (ODI) analyses a decade of contributions and spending to nine major international and two national funds set-up to tackle climate change.

It finds that the top recipients of finance were Morocco, Mexico, and Brazil, receiving half a billion dollars in loans each. Mexico and Brazil are among the top 10 emitters of greenhouse gases, and with Morocco, all have huge renewable energy potential.

Whilst rich oil states in the Middle East have received very little from international climate funds, the report finds that they also have contributed almost nothing to the pot. This is despite being major emitters of greenhouse gases, and the clear link between burning fossil fuels and climate change which is provoking extreme weather conditions and impacting poor countries.

The report includes the first comprehensive breakdown of how climate finance has been spent in 135 countries. It argues that getting climate financing right is crucial to securing an ambitious global agreement on climate change in Paris in 2015…