Climate finance fails to reach most vulnerable nations: Report  

The global community is failing to invest appropriately in tackling climate chaos, says Concern Worldwide. 

In its recently published At What Cost report, it says wealthy countries in 2009 promised to mobilise $100 billion a year in climate finance by 2020, but this deadline is at risk of being missed, with support for building community resilience to natural hazards being shockingly low.

Concern Worldwide is an Ireland-based global humanitarian organisation working with the world's most vulnerable people to help reduce suffering, and combat poverty and hunger.

According to the report, Bangladesh received $13.69 per person per year on average from 2010 to 2017, the 31st lowest amount among 40 most climate vulnerable countries, while Pakistan received $19.59 per person per year.

Concern Worldwide's Senior Resilience Policy Officer Sally Tyldesley says, "Research from the Red Cross has revealed that, without action, climate-related disasters will lead to 200 million people needing humanitarian aid each year by 2050."

"If we do not act decisively, climate chaos will have devastating impacts in the world's most fragile nations, such as more intense and frequent weather-related hazards like floods and droughts. 

"These hazards can destroy homes and livelihoods, damage essential infrastructure like schools, ruin harvests, hamper trade and human development," he adds.  

Ann Vaughan of Mercy Corps, another global humanitarian aid organisation, says wealthy nations have mobilised trillions in their fight against Covid-19, but climate change still remains a grave threat to humanity.

"Donors must also ensure climate finance reaches fragile states and climate vulnerable countries with the poorest populations." 

The report's recommendations include calling on donor countries to build climate change resilience into Covid-19 recovery plans, and honour existing commitments and invest $50 billion in public finance by the end of 2020.

Donors have also been urged to set ambitious new targets for climate finance for the next five years to meet growing needs, including doubling the climate finance going to the most fragile and climate vulnerable countries. 

Also, fragile and vulnerable countries need to be supported to adapt to the impacts of climate change and build resilience to natural hazards for the long-term.

Why countries are not prioritised

The report says there are many reasons why countries most at risk of climate chaos are not prioritised for climate finance.

One of the reasons is that bilateral donors in particular have been found to preferentially allocate finances to countries that have a stable and hospitable business environment.

Donors financing strategies have also been shown to be based on political or historical alliances and geography.