As cities across North America are covered with clouds of smoke caused by wildfires in Canada, negotiations on the New Collective Quantified Goal for climate finance continue in Bonn.
By comparison, official data from the Organisation for Economic Co-operation and Development assessed total climate finance flows from developed to developing countries at $83.3 billion in 2020, and Oxfam estimates that the real value is about one third of that, around $21 billion to $24.5 billion. The scale of this challenge is staggering when close to 900 million people in the world don't have access to electricity, and more than 4 billion people don't have a social safety net they can rely on.
Financing options that are fair, sufficient and politically feasible are achievable and UNCTAD has recommended reforms to the global financial architecture that would help deliver climate and development finance at the appropriate scale." co-hosted with the German development agency GIZ and The Energy and Resources Institute at the Bonn Conference on 6 June.
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