Media Releases

A billionaire emits a million times more greenhouse gases than the average person

November 8, 2022

Billionaire investments in polluting industries such as fossil fuels and cement double the average for the Standard and Poor group of 500 companies – Oxfam

The investments of just 125 billionaires emit 393 million tonnes of CO2e each year – the equivalent of France – at an individual annual average that is a million times higher than someone in the bottom 90 percent of humanity.

Carbon Billionaires: The investment emissions of World’s richest people, is a report published by Oxfam today based on a detailed analysis of the investments of 125 of the richest billionaires in some of the world’s biggest corporates and the carbon emissions of these investments. These billionaires have a collective US$2.4 trillion stake in 183 companies.

The report finds that these billionaires’ investments give an annual average of 3m tonnes of CO2e per person, which is a million times higher than 2.76 tonnes of CO2e which is the average for those living in the bottom 90 percent.

The actual figure is likely to be higher still, as published carbon emissions by corporates have been shown to systematically underestimate the true level of carbon impact, and billionaires and corporates who do not publicly reveal their emissions, so could not be included in the research, are likely to be those with a high climate impact.

“These few billionaires together have ‘investment emissions’ that equal the carbon footprints of entire countries like France, Egypt or Argentina,” said Nafkote Dabi, Climate Change Lead at Oxfam “The major and growing responsibility of wealthy people for overall emissions is rarely discussed or considered in climate policy making. This has to change. These billionaire investors at the top of the corporate pyramid have huge responsibility for driving climate breakdown. They have escaped accountability for too long,” said Dabi.

“Emissions from billionaire lifestyles, their private jets and yachts are thousands of times the average person, which is already completely unacceptable. But if we look at emissions from their investments, then their carbon emissions are over a million times higher,” said Dabi.

Contrary to average people, studies show the world’s wealthiest individuals’ investments account for up to 70 percent of their emissions. Oxfam has used public data to calculate the “investment emissions” of billionaires with over 10 percent stakes in a corporation, by allocating them a share of the reported emissions of the corporates in which they are invested in proportion to their stake.

The study also found billionaires had an average of 14 percent of their investments in polluting industries such as energy and materials like cement. This is twice the average for investments in the Standard and Poor 500. Only one billionaire in the sample had investments in a renewable energy company.

“We need COP27 to expose and change the role that big corporates and their rich investors are playing in profiting from the pollution that is driving the global climate crisis,” said Dabi. “They can’t be allowed to hide or greenwash. We need governments to tackle this urgently by publishing emission figures for the richest people, regulating investors and corporates to slash carbon emissions and taxing wealth and polluting investments.”

The choice of investments billionaires make is shaping the future of our economy, for example, by backing high carbon infrastructure – locking in high emissions for decades to come. The study found that if the billionaires in the sample moved their investments to a fund with stronger environmental and social standards, it could reduce the intensity of their emissions by up to four times.

“The super-rich need to be taxed and regulated away from polluting investments that are destroying the planet. Governments must put also in place ambitious regulations and policies that compel corporations to be more accountable and transparent in reporting and radically reducing their emissions,” said Dabi.

Oxfam has estimated that a wealth tax on the world’s super-rich could raise US$1.4 trillion a year, vital resources that could help developing countries – those worst hit by the climate crisis – to adapt, address loss and damage and carry out a just transition to renewable energy. According to the UNEP adaptation costs for developing countries could rise to US$300 billion per year by 2030. Africa alone will require US$600 billion between 2020 to 2030. Oxfam is also calling for steeply higher tax rates for investments in polluting industries to deter such investments.

The report says that many corporations are off track in setting their climate transition plans, including hiding behind unrealistic and unreliable decarbonisation plans with the promise of attaining net zero targets only by 2050. Fewer than one in three of the 183 corporates reviewed by Oxfam are working with the Science Based Targets Initiative. Only 16 percent have set net zero targets.

Ahead of the deliberations at COP27, Oxfam is calling for the following actions:

Governments to put in place regulations and policies that compel corporations to track and report on scope 1, scope 2 and scope 3 GHG emissions, set science-based climate targets with a clear road map to reducing emissions, and while at it ensuring a just transition from the extractive, carbon intensive economy by securing the future livelihoods of workers and the affected communities.
Governments should implement a wealth tax on the richest people and an additional steep rate top-up on wealth invested in polluting industries. This will reduce the numbers and power of rich people in our society, drastically reduce their emissions. It will also raise billions that can be used to help countries cope with the brutal impacts of climate breakdown and the loss and damage they incur and fund the global shift to renewable energy.
Corporations must put in place ambitious and time-bound climate change action plans with short-to-medium term targets in line with global climate change objectives in a view to reach carbon neutrality by 2050.

“To meet the global target of keeping warming below 1.5 degrees Celsius, humanity must significantly reduce carbon emissions, which will necessitate radical changes in how investors and corporations conduct business and public policy,” said Dabi.

Notes:

Download Oxfam’s report “Carbon Billionaires”.

Oxfam began with a list of the 220 richest people in the world according to the Bloomberg Billionaires Index and worked with data provider Exerica to identify a) the percentage ownership these billionaires held in corporations b) the scope 1&2 emissions of these corporations. To calculate the investment portfolios of individual billionaires, we used the analysis by Bloomberg, who provide detailed breakdowns of the sources of billionaire wealth. Here is the methodology note.

The estimate on the money that could be raise on wealth tax on millionaires, multi-millionaires and billionaires, is through using data from Wealth X and Forbes.

Recent data from Oxfam’s research with the Stockholm Environment Institute shows that the wealthiest 1 percent of humanity are responsible for twice as many emissions as the poorest 50 percent and that by 2030, their carbon footprints are set to be 30 times greater than the level compatible with the 1.5°C goal of the Paris Agreement.

The GHS protocol greenhouse accounting standards widely used globally spells out the three categories of gas emissions associated with companies as follows: Scope 1 are direct emissions from the company’s operations. Scope 2 are indirect, where the emissions take place elsewhere. Scope 3 are all other indirect emissions, this includes everything from emissions in the company’s supply chains to employee commuting, to the use of the products they sell by consumers.

Little for developing countries to cheer about in climate finance report

November 1, 2022

In response to the US$100bn climate finance progress report, by Canada and Germany on behalf of the donor countries published today, Nafkote Dabi, Oxfam International Climate Policy Lead said:

“While this report provides helpful information on various actions to advance the climate finance agenda, it fails to boost confidence that developed countries will make significant and swift progress on meeting their commitment to provide US$100 billion annually, over 2020-2025 to assist poor countries. The report would have been an ideal moment for developed countries to spell out how they will compensate for missing the US$100 billion mark earlier through additional climate finance in subsequent years. Also, it lacks a robust roadmap as to how they’re going to double adaptation finance by 2025, something they agreed to at COP 26.”

“Poor countries who are worst affected by this climate crisis will find little here to cheer. Countries in Asia, East and West Africa are experiencing more frequent and more severe impacts of climate change, and they have done little to cause it, and they are least prepared to cope with it. That’s why these financial pledges to them are so important. Their citizens are struggling now to cope with catastrophic climate-induced disasters such as droughts, floods, and unpredictable rainfall, which have reduced food production, resulted in water shortages, destroyed livelihoods, and displaced millions.”

“To make matters worse, rich contributors gave more than 70 percent of their climate finance in the form of loans in 2020. This means that poor countries are being loaded up with more debt to pay for climate damage. And even though rich countries claim to have mobilised around US$83 billion in climate finance in 2020, of which US$68 billion they claim was provided as public climate finance, recent Oxfam analysis shows that the actual support provided was just a third of what the reported figures for public finance suggest.”

“At the upcoming COP27 in Egypt, developed countries must address this glaring gap by committing to significantly increase grant-based finance, something that developing countries have long been calling for.”

Rich countries fail to submit ambitious plans to cut emissions

November 1, 2022

In response to the UNFCCC’s Nationally Determined Contributions (NDC) Synthesis Report published today, Chelsea Hodgkins, Oxfam’s Climate Change Policy Lead, said:

“This report shows world leaders are still failing to address the climate crisis —our planet is currently on track for a catastrophic global temperature rise of 2.5°C. Scientists are clear: it’s now or never to limit global warming to 1.5°C. Climate change is causing suffering across the world, and it will continue to do so. People are already being pushed from their homes, and are facing hunger and drought, floods, and other climate-induced disasters.”

“The climate crisis does not affect everyone equally —it has a disproportionate impact on people in poorer countries as well as women, Indigenous peoples and other marginalised groups. This is why governments must develop and implement NDCs with equity at the forefront. So far, progress on the inclusion and protection of women and Indigenous peoples’ rights, namely land rights, has been abysmal.”

Oxfam supports calls from allies, including the Business and Human Rights Resource Center and Indigenous Peoples’ Rights International, for NDCs to include specific plans for ensuring equal access to clean, reliable and affordable energy and clear protections for land rights. NDCs should also guarantee the rights of environmental defenders and Indigenous peoples’ right to free, prior and informed consent.

“Countries must work toward putting our world on a safer path by collectively reducing emissions by at least 45 percent from 2010 levels by 2030. Today’s report shows that the combined climate plans submitted will increase global emissions by over 10 percent by 2030. This is alarming.”

“Rich countries have yet again failed to prioritise our planet. They have shown a lack of interest and commitment to addressing climate change that they are largely responsible for. Every fraction of warming is a death sentence, especially for poor communities that are most affected yet least prepared. We call on countries that have not yet submitted their revised climate plans to do so with urgency. They must do so based on their fair share to limit warming to 1.5°C and with specific protections for women, Indigenous peoples, environmental defenders, and marginalised communities.”

INGOs sign southern-led pledge to create a more equitable aid system by 2030

October 27, 2022

Some of the world’s biggest aid and development organisations have signed up to a far-reaching set of commitments to create closer partnerships with local and national organisations in a drive to shift more power, decision-making and money to the places worst affected by crisis and poverty.

The agencies, which include CARE International, Christian Aid, Plan International, Save the Children International and Oxfam International, believe being “locally led and globally connected” will mean bigger, longer-lasting impacts on people’s lives.

‘Only through such partnerships will we remove any dependency on aid and continue to build the strength of the communities we strive to support,’ they say.

The commitment to equitable partnerships forms part of a ‘Pledge for Change’ that follows a two year-long process convened by Adeso, a humanitarian and development organisation in Somalia. International non-government organisation (INGO) leaders in the Global North have heeded challenges from their counterparts based in the Global South as part of the process.

The Pledge for Change focuses on three key areas: equitable partnerships, authentic storytelling, and influencing wider change.

‘There are times when INGOs should complement local knowledge, expertise and relationships with our resources and skills, but we need to know when to step away as well,’ the pledge says.

It acknowledges that big international organisations competing for funds, facilities and talent can unintentionally weaken civil society in the countries where they operate: ‘In the years ahead, we’ll allocate more resources to help local and national organisations take the lead.’

The Pledge for Change also commits to ‘authentic storytelling’ that stops reinforcing harmful stereotypes.

‘We will continue to show the harsh realities of poverty, conflict, hunger and natural disasters because humanitarian crises should not be sanitised,’ it says. ‘But we’ll avoid exploitative imagery that portrays people as helpless victims. We will give credit to partners where it’s due.’

The Pledge for Change, which was developed in collaboration with sector leaders from the Global South, acknowledges inequalities in the system that date back to the colonial era. It requires large INGOs to ensure a more equitable approach and recognises the unique role local organisations play in aid delivery.

The chief executives who have signed the pledge say they will press for implementation across the sector, track progress and report it publicly to show how they are ‘walking the talk’ over the next eight years.

Find out more about the Pledge for Change here: www.pledgeforchange2030.org

Quotes from signatories:

Degan Ali, Chief Executive of Adeso:

We wanted the Pledge to be different from past processes for change in aid. First off, all activities were led by the global south – with Adeso convening the group and other activists giving feedback and sign-off to the pledges as they were being developed. Secondly, it started as a small group of CEOs that have a personal commitment to decolonization and who sought a space to imagine change with their peers. It was a manageable number of people to coordinate and all members really had a say in the final product. Finally, the accountability mechanisms will be designed by global south activists and organizations to ensure that INGOs are being held accountable to their partners and the communities.

Rose Caldwell, Plan International UK:

Locally led and globally connected is at the heart of Plan International’s new Global strategy “All Girls Standing Strong” and that because we know that localisation is essential to ensure we achieve a just world for all children. By setting aspirational targets, Pledge for Change is critical to ensure the change that is needed actually happens. It challenges us to deliver on our Pledge and encourages others to start the journey.

Loreine B. dela Cruz, Executive Director, Center for Disaster Preparedness Foundation (CDP):

The Pledge for Change is a historic milestone in the field of humanitarian and development. The bold step taken by leaders and practitioners to use their power to transform themselves and the sector, in order to build a stronger aid ecosystem based on the principles of solidarity, humility, self-determination, and equality.

The leaders and practitioners decided to accelerate the change taking different paths to achieve the collective goals of equitable partnership approach; of telling stories in an ethical and safe way demonstrating partners’ resilience and praxis; and wider influencing for change.

The ultimate measure and real achievement of this is making spaces and actions on the ground demonstrating the power shift to local actors and amplifying their voices and leadership in various platforms at varying levels.

Danny Glenwright, Save the Children Canada:

I’m proud to have spent my career working in the non-profit and media sectors focused on telling stories about human rights abuses and inequality and working strategically to address these issues and their root causes. Like many people who work at Save the Children, a passion for positive social change and an equally passionate frustration with inequality, racism, and oppression – and the slow pace of change to address these – is what drives me.

Our sector is at a critical juncture in its history: global disparities and social challenges are growing and expanding despite decades of work to address them – even as we’re more interconnected than at any time in history. At Save the Children Canada, we recognize that to sustainably and collaboratively meet these challenges, we must face up to our role in perpetuating some of these inequalities as well as our history as an international NGO based in the Global North, with all the privilege and power that entails. Collaborating with the Pledge for Change process is part of this and participating in it has contributed to our vision for a significant organizational shift to understand and transform unequal power dynamics in all we do.

Gwen Hines, CEO, Save the Children UK:

Signing onto this incredibly important pledge is another step in our journey of shifting the power into the hands of children and their communities. It is only by moving capacity, resources, and ownership to national and local organisations, that we will be able to achieve meaningful and lasting change for children and their communities.

Sudhanshu Shekhar Singh, Founder and CEO, Humanitarian Aid International:

During my career, spanning over three decades, I have seen several processes aiming at reforming the humanitarian architecture but not changing much in favour of local actors and the affected population. The Pledge for Change gives high hope to the community of local actors as this framework is based on clear and measurable indicators. The pledge holds the senior leadership to account for disseminating the commitments and track the delivery on the commitments. I particularly appreciate the decolonial approach and bringing back ethics in communication, which is not racist and respectful to the people we serve.

Sofia Sprechmann Sineiro, Secretary General of CARE International:

CARE International is delighted to be part of this critical and long overdue initiative aiming at shifting power to local organizations and adopting a truly ‘locally-led and globally-connected’ approach to humanitarian response and development. The Pledge for Change will help us learn more meaningfully and transparently from organizations from both the Global South and Global North as we continue to adjust a fast-evolving aid and development ecosystem. This has never been more important as millions are impacted by conflict, climate change and deep inequality. The global majority’s voices must be at the heart of decision-making – this is the main aim of this Pledge.

Danny Sriskandarajah, Oxfam GB Chief Executive:

If organisations like ours are to have the radical impact we seek, then it is clear that we must transform the way we work. It is vital that our sector leads by example in making sure that the way we work embodies the values we stand for. That means doing all that we can to nurture a vibrant and resilient civil society in the countries we operate and engaging our supporters in new ways that are based on solidarity across borders.

Peter Walton, CEO CARE Australia:

The Pledge for Change commitments are not only the right thing to do morally, they are also essential if we are serious about addressing many of the unprecedented challenges the world is facing. International aid needs this long, overdue rethink. It’s time to move beyond the rhetoric into genuine behavioural and systemic change.

Patrick Watt, Chief Executive of Christian Aid:

There is a huge unfinished agenda in how International NGOs exercise power, practice partnership, and portray people. Pledge for Change signals a real commitment to progressing that agenda, and putting more power and resources in the hands of partners, and communities affected by poverty.

Chernor Bah, Co-Founder & Co-CEO, Purposeful:

The global aid system is currently not reflective of our common humanity and solidarity – and it often ignores its history and complicity in upholding unjust and unequal power systems. This pledge articulates critical intentional thoughts, actions and behaviors that are past overdue to reform this system. If all actors abide by the pledge, it would be an important step to decolonize aid and create a more just and equitable development community. This is why Purposeful is proud to sign on and be part of this much needed process.

Mary Ana McGlasson, Center for Humanitarian Leadership:

The Pledge for Change is a critical milestone in moving the system forward from its current state of inertia toward more equitable and decolonised ways of working. The Centre for Humanitarian Leadership (CHL) is incredibly proud to have been a part of Pledge for Change in a supportive and guiding role since its inception. While CHL is not an operational actor, we wholeheartedly endorse the pledge as a lever for systemic change.

189 million people per year affected by extreme weather in developing countries as rich countries stall on paying climate impact costs

October 25, 2022

Lower-income countries paying the highest price as emissions and fossil fuel profits rocket

An average of 189 million people per year have been affected by extreme weather-related events in developing countries since 1991 – the year that a mechanism was first proposed to address the costs of climate impacts on low-income countries – according to a new report published today.

The report, The Cost of Delay, by the Loss and Damage Collaboration – a group of more than 100 researchers, activists, and policymakers from around the globe – highlights how rich countries have repeatedly stalled efforts to provide dedicated finance to developing countries bearing the costs of a climate crisis they did little to cause.

Analysis shows that in the first half of 2022 six fossil fuel companies combined made enough money to cover the cost of major extreme weather and climate-related events in developing countries and still have nearly US$70 billion profit remaining.

The report reveals that 55 of the most climate-vulnerable countries have suffered climate-induced economic losses totalling over half a trillion dollars during the first two decades of this century as fossil fuel profits rocket leaving people in some of the poorest places on earth to foot the bill.

The report also reveals that the fossil fuel industry made enough super-profit between 2000 and 2019 to cover the costs of climate-induced economic losses in 55 of the most climate-vulnerable countries almost sixty times over.

Finance to address ‘loss and damage’ – the term used to refer to the destructive impacts of climate change that aren’t avoided by mitigation or adaptation – is set to be the defining issue of COP27, the UN climate talks taking place in Sharm El-Sheikh in November, as developing countries call for action after decades of delay.

The report estimates that since 1991, developing countries experienced 79 per cent of recorded deaths and 97 per cent of the total recorded number of people affected by the impacts of weather extremes. Analysis also shows that the number of extreme weather and climate-related events that developing countries experience has more than doubled over that period with over 676,000 people killed.

The entire continent of Africa produces less than four per cent of global emissions and the African Development Bank reported recently the continent was losing between five and 15 per cent of its GDP per capita growth because of climate change.

Lyndsay Walsh, Oxfam’s climate policy adviser and co-author of the report said: “It is an injustice that polluters who are disproportionately responsible for the escalating greenhouse gas emissions continue to reap these enormous profits while climate-vulnerable countries are left to foot the bill for the climate impacts destroying people’s lives, homes and jobs.

“This is not a future reality, it is happening now, as we are seeing with the devastating floods in Pakistan and unprecedented drought in East Africa.

“But it is not too late. COP27 starts in just two weeks and finance to address loss and damage must be agreed. News that the issue will be on the agenda for COP27 is welcome and an ambitious outcome is critical not only for those dealing with climate impacts in developing countries, but also for maintaining trust and credibility.

“We must end this delay. The best time to start was 31 years ago, the next best time is now.”

At COP26 last year, developing countries were united in calling for the establishment of a Loss and Damage Finance Facility, to ensure a comprehensive approach to climate impacts, but this was shot down by developed countries in favour of a three-year dialogue – the Glasgow Dialogue – with no mandated outcomes.

Professor Saleemul Huq, director of the International Centre for Climate Change and Development in Bangladesh, said: “As one of the few people who has attended every single COP over the last three decades, I have personally witnessed the resistance from the developed countries to every attempt by the vulnerable developing countries to discuss loss and damage from human-induced climate change. If it doesn’t get on the agenda from COP27 onwards the UNFCCC will have failed in its responsibilities.”

The catastrophic flooding in Pakistan this year, directly affected at least 33 million people and costs were estimated at over US$30 billion. Yet the UN humanitarian appeal for the floods is set at only US$472.3 million (just over one per cent of what is needed), and only 19 per cent funded. The flood response is not considered to be anywhere near enough to help the millions of people who have lost their livelihoods and homes and face hunger, disease and psychological impacts.

Pakistan will have to take out another IMF loan to help recover from the floods, in contrast, funds from a loss and damage finance facility would be new and additional and come in the form of grants, to ensure the country was not burdened by debt in the aftermath of a climate-induced disaster.

Every fraction of a degree of further warming means more climate impacts with losses from climate change in developing countries estimated to be between US$290 billion and US$580 billion by 2030. These estimates do not include non-economic losses and damages, such as psychological impacts and biodiversity loss, which are profound but cannot be translated fully into monetary terms, meaning the true cost is far higher than what is accounted for.

With current global policies projected to result in about 2.7°C warming above pre-industrial levels, and huge gaps between the amount of finance required by developing countries to adapt and what is being provided, the urgent need for finance to address loss and damage is clear.

Notes to editors:

The full report ‘The cost of delay: why finance to address Loss and Damage must be agreed at COP27’ is available here. (link will go live on 24 October – pdf available on request)

True value of climate finance is a third of what developed countries report

October 19, 2022

Reporting international climate finance remains flawed, and profoundly unfair.

Many rich countries are using dishonest and misleading accounting to inflate their climate finance contributions to developing countries – in 2020 by as much as 225 percent, according to investigations by Oxfam.

Oxfam estimates between just US$21-24.5 billion as the “true value” of climate finance provided in 2020, against a reported figure of US$68.3 billion in public finance that rich countries said was provided (alongside mobilised private finance bringing the total to US$83.3 billion). The global climate finance target is supposed to be US$100 billion a year.

“Rich country contributions not only continue to fall miserably below their promised goal but are also very misleading in often counting the wrong things in the wrong way. They’re overstating their own generosity by painting a rosy picture that obscures how much is really going to poor countries,” said Nafkote Dabi, Oxfam International Climate Policy Lead.

“Our global climate finance is a broken train: drastically flawed and putting us at risk of reaching a catastrophic destination. There are too many loans indebting poor countries that are already struggling to cope with climatic shocks. There is too much dishonest and shady reporting. The result is the most vulnerable countries remaining ill-prepared to face the wrath of the climate crisis,” says Dabi.

Oxfam research found that instruments such as loans are being reported at face value, ignoring repayments and other factors. Too often funded projects have less climate-focus than reported, making the net value of support specifically aiming at climate action significantly lower than actual reported climate finance figures.

Currently, loans are dominating over 70 percent provision (US$48.6 billion) of public climate finance, adding to the debt crisis across developing countries.

“To force poor countries to repay a loan to cope with a climate crisis they hardly caused is profoundly unfair. Instead of supporting countries that are facing worsening droughts, cyclones and flooding, rich countries are crippling their ability to cope with the next shock and deepening their poverty,” said Dabi.

Least Developed Countries’ external debt repayments reached US$31bn in 2020.

For example, Senegal, which sits in the bottom third of the world’s most vulnerable countries to climate change, received 85 percent of its climate finance in form of debt (29 percent being non-concessional loans), despite being at moderate risk of falling into debt distress and with its debt amounting to 62.4 percent of its Gross National Income.

“A keyway to prevent a full-scale climate catastrophe is for developed nations to fulfil their US$100 billion commitments and genuinely address the current climate financing accounting holes. Manipulating the system will only mean poor nations, least responsible for the climate crisis, footing the climate bill,” said Dabi.

“A climate finance system that is primarily based on loans is only worsening the problem. Rich nations, especially the heaviest-polluting ones, have a moral responsibility to provide alternative forms of climate financing, above all grants, to help impacted countries cope and develop in a low carbon way,” said Dabi.

“At the upcoming COP27 climate talks this November, rich countries must urgently commit to scaling up grant-based support to vulnerable countries and to fixing their flawed reporting practices.”

Notes to the editor

Download a full copy of the report, Climate Finance Short Changed Report 2022: The real value of the US$100 billion commitment in 2019-20, here:
The 2020 reported climate finance totalling US$83.3 billion included public finance (US$68.3 billion), private finance mobilised (US$13.1 billion) and export credits (US$1.9 billion) in 2020. Oxfam has assessed the value of finance provided, IE the public finance element. OECD (2022), Climate Finance Provided and Mobilised by Developed Countries in 2016-2020: Insights from Disaggregated Analysis, Climate Finance and the USD 100 Billion Goal, OECD Publishing, Paris, https://doi.org/10.1787/286dae5d-en
Overreporting of loans is incentivising the use of loans which are dominating climate finance provision. According to the latest assessment by the OECD, loans made up 71 percent of public climate finance in 2019-20– a significant share of which were non-concessional – while only 26 percent was provided as grants.^[i] ^[i] OECD (2022a), Climate Finance Provided and Mobilised by Developed Countries in 2016-2020: Insights from Disaggregated Analysis, Climate Finance and the USD 100 Billion Goal, OECD Publishing, Paris.
Oxfam’s US$21-24.5 billion figure includes the estimated grant equivalent of reported climate finance rather than the face value of loans and other non-grant instruments. It also accounts for overreporting of climate finance where action to combat climate change is one part of a broader development project. For more details please check Oxfam methodology note.
Senegal’s debt instrument figures are based on 2013-2018 climate finance reports, according to Oxfam “Climate Finance in West Africa” report, 2022. Please also see (2021). Climate Change: OECD DAC External Development Finance Statistics – Recipient Perspective. Retrieved 10 August 2022.
Senegal ranks Senegal is 134th out of 182, or in the bottom 30 percent in terms of vulnerability according to the ND-GAIN Index.