Climate Adaptation Finance – Fact or Fiction?

CARE has assessed whether rich countries’ reporting of adaptation finance is accurate, and whether the reported amounts genuinely contribute to climate adaptation.

In 2009, developed countries made a commitment to support climate activities in developing countries. They promised to mobilise climate finance and scale it up to $100 billion in 2020, half of which to be spent on helping vulnerable people and countries adapt to climate change.

Developed countries report how much they spend on international climate finance to the UNFCCC and OECD, so that these financial commitments can be tracked. CARE has looked at the numbers, and our conclusion is clear: current official figures for adaptation finance are severely overstated and far too high.

Together with civil society organisations in Ghana, Uganda, Ethiopia, Nepal, Vietnam and the Philippines, CARE has assessed whether rich countries’ reporting of adaptation finance is accurate, and whether the reported amounts genuinely contribute to climate adaptation.

In addition, we investigated whether the funded projects are gender-responsive and prioritise the poorest and most vulnerable members of the target populations. This research is the most comprehensive adaptation finance tracking study to date.

CARE’s report, Climate Adaptation Finance: Fact or Fiction? was updated in May 2021.