India says $2 billion, the OECD says $57 billion of a promised $100 billion in ‘climate money’ has been put on the table, as catch news reports. Who is right? Accusations of double counting and other trickery are in the air.
In order to help developing countries emit less carbon and deal with climate change, rich countries promised to pay poorer nations $100 billion each year until 2020. This promise was made at the 2010 climate change summit.
But the funding has barely crossed $2 billion, or 0.5% of the promised amount, according to a Finance Ministry study. This is in sharp contrast to a report by Organisation for Economic Co-operation and Development (OECD), a grouping of rich nations, claiming in October that an average $57 billion flowed in 2013 and 2014.
The differences are steeped in accounting definitions. Still they are important as such funding is crucial for India and other developing nations to deal with climate change. That money is meant to be used in areas such as clean technologies, cheaper renewable energy, disaster management and flood control measures.