The Climate Finance Shadow Report presents analysis of North-South climate finance flows and assessing progress towards the $100 billion commitment to inform climate finance under the New Collective Quantified Goal (NCQG). Oxfam reported on the progress of this commitment in 2016, 2018 and 2020 and 2023.

This year’s report, which is co-published by Oxfam and CARE, analyses data from 2021 and 2022 and finds that countries have been failing their climate finance commitments as the true value of reported climate finance was just US$28–35bn in 2022 and may even decrease due to planned ODA cuts. Moreover, two-thirds of public climate finance consisted of loans.

This paper calls on developed countries to increase the mobilization and provision of climate finance and in particular for local communities. Countries should come to COP30 with individual climate finance commitments for the period until 2030 , reverse ODA cuts and tap into new sources for climate finance, while prioritizing grants and increased finance for adaptation, loss and damage and gender equality.