by Deirdre Fulton
Close to $1 billion in funds meant to finance global climate-mitigation projects is going toward the construction of power plants fired by coal—the biggest human source of carbon pollution—according to an Associated Press investigation.
The findings underscore the lack of rules designed to steer the United Nations’ ‘climate finance’ initiative, through which rich countries funnel money to poor countries to help tackle global warming, Karl Ritter and Margie Mason wrote for the AP.
“The money for coal highlights one of the biggest problems in the UN-led effort to fight climate change: A lack of accountability,” they pointed out. “Climate finance is critical to any global climate deal, and rich countries have pledged billions of dollars toward it in UN climate talks, which resume Monday in Lima, Peru. Yet there is no watchdog agency that ensures the money is spent in the most effective way. There’s not even a common definition on what climate finance is.”