Despite the ambitious pledges, a lack of transparency and accountability is raising concerns.
The absence of standard guidelines on what counts as “climate finance” has led to questionable reporting of projects that seemingly have little or no impact on reducing emissions or adapting to a warming world. These projects range from expanding airports and hotels to opening chocolate stores and backing films.
The absence of clear descriptions and details about the funded projects makes it hard to track the money and its impact. This lack of clarity has left the public questioning the effectiveness of the pledged finance.