Germany increases climate finance to poorer nations to €5.3 billion

(Clean Energy Wire, 20 Oct 2022) The German government has said it increased public climate finance for developing and emerging countries to 5.34 billion euros last year, meaning the country is on track towards reaching its target of 6 billion euros by 2025.

Together with public and private funds mobilised, German climate finance now totals 8.1 billion euros, the German contribution to the pledge by developed nations to provide 100 billion U.S. dollars annually. However, NGO Oxfam criticised the accounting by richer countries, saying that the true value of their support for climate action is only about one-third of what is being reported. German state secretary Jochen Flasbarth said that the G7 states are also making progress in talks with partner countries on the so-called Just Energy Transition Partnerships (JETP).

Germany provided a record 5.34 billion euros from the federal budget for climate action in developing and emerging countries in 2021, the ministry for economic cooperation and development (BMZ) said. “Internationally, Germany is one of the largest donors of international climate finance,” said to Jochen Flasbarth, state secretary in the development ministry. “The new figures show that Germany is stepping up its efforts to combat the climate crisis in all parts of the world.” Germany was therefore on track towards reaching its goal to increase climate finance to 6 billion euros per year by 2025, Flasbarth said.

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Clean Energy Wire, 20 Oct 2022: Germany increases climate finance to poorer nations to €5.3 billion