The results of the ClimateScanner project, which was announced during COP29, revealed that most countries cannot track how much they spend on climate action, Report informs.
The project results were made public at an event titled "Where are governments in their climate actions? - Results of the ClimateScanner assessment."
According to the results, 73% of countries either do not record climate expenditures or only have mechanisms to track domestic climate finance: "This weakens governments' ability to track direct and indirect climate expenditures. At the same time, there are deficiencies in tracking mechanisms for private sector investments involved in climate actions. In many countries, transparency in this regard is also insufficient. For example, in 41% of countries, no published reports are found in this area."
Furthermore, the project implementation concluded that public financial sources are not sufficient to solve the climate problem: "Approximately $8 trillion are required annually to combat climate change. Currently, the tracked amount is $1.3 trillion, of which 49% comes from private sources."