Three quarters of EU climate finance goes to middle income countries: report
The Act Alliance is calling on the EU to direct more climate finance to the most vulnerable, after finding Turkey and Ukraine were the biggest beneficiaries
The EU favours middle-income countries with its climate aid program, according to analysis by a coalition of development agencies.
In a report released on Wednesday, the Act Alliance called on the EU to revise its climate finance strategy after finding EU institutions channeled 78% of their funding to middle income countries. Vulnerable least developed countries (LDC) received just 19%.
Bangladesh is the only LDC among the top ten recipients of EU climate aid, receiving an annual average of €74 million ($91m) compared with Turkey’s €667m ($816m) annual package. Turkey and Ukraine, who both neighbour the EU, are the two biggest beneficiaries.
Act Alliance spokesman Mattias Söderberg said: “There’s a lot of political will to tie Turkey and the EU together; this cooperation means a flow of funds to the region. It’s very unfortunate because the funds are needed most in the poorer countries, but they’re just not getting there as much.”
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