Support 100 years of independent journalism.

  1. Chart of the Day
7 November 2022

The US and UK are falling short of their “fair share” of climate financing

Britain is contributing $1.4bn less than needed to offset its historical emissions.

By Aisha Majid

The US and the UK are among the wealthy countries falling short of their climate finance obligations, according to Carbon Brief. 

The analysis published on the second day of the Cop27 summit in Egypt shows that the US provided just 19 per cent (a shortfall of $32.2bn, or £28bn) of its “fair share” of climate aid of $40bn (£35bn) to poorer countries. This is based on a comparison of how much money the US gave in 2020 (the latest available data) with its share of historical carbon emissions to date.


The UK, while contributing 76 per cent of its “fair share” based on its emissions, fell $1.4bn (£1.2bn) short. Australia and Canada were the two other major economies also found to be lagging in their support. 

[See also: How could Cop27 be considered a success?]

In 2009 in Copenhagen, rich countries promised to provide $100bn a year to less wealthy nations by 2020 to help them deal with climate change. Wealthy economies, however, have consistently fallen below this target. Oxfam estimated that the true value of climate finance in 2020 was $21-24.5bn (£18.3-21.4bn) – less than the reported figure of $83.3bn (£72.7bn) – due to flawed and inaccurate reporting. 

Select and enter your email address Quick and essential guide to domestic and global politics from the New Statesman's politics team. A weekly newsletter helping you fit together the pieces of the global economic slowdown. The New Statesman’s global affairs newsletter, every Monday and Friday. The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday. A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Sign up to receive information regarding NS events, subscription offers & product updates.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU

Today, the British Prime Minister, Rishi Sunak, will address the Cop27 summit following a reversal of his initial decision to not attend the conference, after criticism from opposition MPs and campaigners. In his speech, he will outline the UK’s spending commitments to tackle climate, including support for innovation in green technologies and funding to protect rainforests.

Content from our partners
Why public health policy needs to refocus
The five key tech areas for the public sector in 2023
You wouldn’t give your house keys to anyone, so why do that with your computers?

[See also: Climate finance: Who pays to close the inequality gap?]

Topics in this article: , ,