Oxfam: Rich countries use 'misleading' claims on climate finance

Rich countries are failing to meet their climate finance commitments to poor countries and are using "misleading" and "dishonest" accounts to inflate the amount they provide, Oxfam International said in a new report on Wednesday, just weeks before major talks are scheduled.

According to Bloomberg News, Oxfam said rich countries provided less than $25 billion in public funding in 2020, compared to the nearly $70 billion it announced.

The nonprofit found that much of the money is being given as loans, driving countries into more debt, while the money given is often less focused on climate issues than advertised.

"Rich countries' contributions not only continue to fall miserably from their promised target, but are also deeply misleading," Oxfam Navkot Dappie, head of climate policy, said in a statement, adding that "instead of supporting countries facing exacerbating droughts, cyclones and floods, Rich countries are crippling their ability - poor countries - to deal with the next shock and deepening their poverty."

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