In 2014, Norwegian public support for climate action in developing countries amounted to 1 billion USD. This is the conclusion of a report written by CICERO for the Norwegian Ministry of Climate and Environment. Yet insufficient reporting systems make it difficult to track the private sector contribution.
The report maps both public and private climate finance for developing countries. The total Norwegian climate finance support to developing countries in 2014 is estimated at USD 1,019 million, split into 578 million in bilateral flows and 441 in multi-bilateral flows.
The main public institutions sourcing this money, ranked according to the size of their money flows, are embassies, Norad, the Ministry of Foreign Affairs, the Ministry of climate and environment, and Norfund.
How much does the private sector contribute?
The report examines some projects in more detail. These projects received USD 692 million in public support and leveraged an estimated USD 202 million in private co-financing. These estimates are probably on the low end.
Difficult to track
The main challenge with tracking climate finance for developing countries is that Norwegian public institutions have not yet implemented sufficient systems for measurement, reporting and verification of mobilized private climate finance. In addition, there is a lack of internationally agreed methods and standard definitions.
The report “Estimating mobilized private climate finance for developing countries – a Norwegian study” can be downloaded here.