Finance
Rich nations failed to meet $100 bn climate finance promise in 2022: Oxfam
Illustration: Binay Sinha
Rich countries falsely claimed that they provided nearly $ 116 billion in climate finance to developing countries in 2022, while the actual financial support given was not more than $ 35 billion, according to global non-profit organization Oxfam International.
At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide $ 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations.
In May, the Organization for Economic Co-operation and Development (OECD) said that developed countries had met the long-standing $ 100-billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022.
However, nearly 70 per cent of this money was in the form of loans, many of which were provided at profitable market rates, adding to the debt burden of already heavily indebted countries.
“Rich countries have again effectively short-changed low- and middle-income countries by as much as $ 88 billion in 2022,” Oxfam said.
Oxfam estimated that the “true value” of climate finance provided by rich countries in 2022 is as little as $ 28 billion and no more than $ 35 billion, with at most only $ 15 billion earmarked for adaptation, which is crucial for helping climate-vulnerable countries address the worsening impacts of the climate crisis.
This discrepancy between financial promises and reality continues to undermine the trust needed between countries and is materially vital, as climate action in many countries depends on this climate finance, it said.
Oxfam’s figures reflected climate-related loans as their grant equivalents, rather than at their face value, in order to gauge rich countries’ real financial effort.
The organisation also accounted for the difference between loans at market rate and those at preferential terms, while also considering the overly generous claims about the climate-related significance of these funds.
Low- and middle-income countries should instead get most of the money in grants, which also need to be better targeted toward authentic climate-related initiatives that will help them adapt to the impacts of the climate crisis and move away from polluting fossil fuels,” Liguori said.
At the moment they’re being penalized twice. First, by the climate harm they did little to cause, and then by paying interest on the loans they’re having to take to deal with it.
Oxfam said its estimates are based on original research by INKA Consult and Steve Cutts using the latest OECD climate-related development finance datasets for 2021 and 2022. Figures are rounded to the nearest 0.5 billion.
According to new data from the OECD, rich countries claimed they mobilized $ 115.9 billion in climate finance for Global South countries in 2022. Nearly $ 92 billion of the reported amount was provided as public finance, with 69.4 per cent of public finance provided as loans in 2022, up from 67.7 per cent in 2021.
According to the United Nations Environment Programme (UNEP), the funds required for adaptation in developing countries are estimated to be between $ 215 billion and $ 387 billion per year this decade.
Climate finance will be at the centre of the UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) the new amount developed nations must mobilize every year starting 2025 to support climate action in developing countries.
However, a consensus on NCQG will not be easy.
Some rich nations argue that countries with high emissions and higher economic capacities, such as China and petro-states that classify themselves as developing countries under the Paris Agreement, should also contribute to climate finance.
Developing countries, however, cite Article 9 of the Paris Agreement, which states that climate finance should flow from developed to developing nations.
Developed countries want the funds to prioritize nations most vulnerable to climate impacts, such as the least developed countries and small island developing states. Developing countries assert that they all deserve support.
Developing nations also demand clarity on what constitutes climate finance, insisting that development finance should not be counted as climate finance and that funds should not be provided as loans, as has happened in the past.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 11 2024 | 9:57 PM IST
Harmonization of the procedural framework for discussions
relating to the adaptation and strengthening
of the Casino Group’s financial structure
Paris, 15 May 2026
Further to the Group’s previous communications regarding the project to strengthen and adapt its financial structure, discussions are continuing with financial creditors across various entities within the Group.
As the formalization of a comprehensive agreement is facilitated by the existence of a uniform framework, the Group has applied to the President of the Paris Economic Activities Court for the opening of conciliation proceedings for the benefit of several of its companies1 for an initial period of four months, potentially extendable by one month. In this context, the appointment of SCP BTSG (Maître Marc Sénéchal) as conciliator is being considered for certain of these entities, while the appointment of SCP CBF Associés (Maître Lou Fréchard) is being sought as conciliator for Quatrim.
The Group will seek the consent of Quatrim’s high-yield bondholders for the opening of conciliation proceedings concerning Quatrim and Monoprix SAS, being respectively borrower and guarantor of these bonds.
These conciliation proceedings, which are consistent with those initiated early March2, only concern the financial debt of the companies involved and will have no impact on the Group’s relationships with its operating partners (in particular its suppliers) and employees. Operational activities will continue as normal, in line with the Group’s strategic priorities.
***
ANALYSTS AND INVESTORS CONTACTS
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PRESS CONTACTS
Casino Group – Communications Department
Stéphanie ABADIE – sabadie@groupe-casino.fr – Tél : +33 (0)6 26 27 37 05
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1 Casino Guichard Perrachon, Naturalia France, Monoprix SAS, Monop’ SAS, Samada, Aux Galeries de la Croisette, Monop’Station, O’Monoprix, OLogistique, C- Logistics, C-Technology, CLR, CLV, CShield, Cnova France, IGC Services, Cnova Pay, Casino Finance, Franprix Leader Price Holding and Quatrim
2 Press release dated 9 March 2026 : conciliation proceedings initiated for the benefit of Maas, Sédifrais, ExtenC, Monoprix Holding, Monoprix Exploitation, Distribution Franprix, Franprix-Leader Price Finances, Achats Marchandises Casino and Cdiscount
Attachment
Texas restaurant operators are continuing to face mounting financial pressure as rising food and fuel costs impact businesses across the state, according to the latest quarterly economic report from the Texas Restaurant Association.
The association’s 2026 first-quarter report shows that many restaurant owners are struggling to keep up with increased operating expenses while trying to avoid passing those full costs on to customers.
“You know, what we’re seeing a lot of in Texas from these quarterly economic reports that we do is that food costs continue to rise,” said Texas Restaurant Association Chief Marketing Officer Tony Abroscato. “We all know that it’s up 35% since the pandemic. And so that’s an impact on our restaurant.”
According to the report, 77% of restaurant operators reported increased costs of goods, while 66% said suppliers have added fuel surcharges as gas prices continue to climb.
“We’re seeing that 90% of consumers start to adjust their habits based upon rising gas prices,” said Tony Abroscato. “Then also those gas prices impact the cost of food because everything is trucked and shipped and a variety of different things.”
In addition to rising costs, labor shortages remain a major concern for restaurant owners. More than half of association members reported difficulties finding enough workers.
“You know, immigration is difficult and has had an impact on the restaurant industry, the farming industry, which again, then raises prices along the way,” said Abroscato.
Despite the financial challenges, the Texas Restaurant Association’s 2026 first-quarter report shows that Texas restaurants are only passing a portion of those increased costs on to customers while absorbing the rest through reduced profits.
Some restaurant owners have been making changes to adjust, like limiting menu items or even turning to QR code ordering, Abroscato said.
Copyright 2026 by KSAT – All rights reserved.
Finance
Household savings, income and finances in Spain: how did they fare in 2025 and what can we expect for 2026?
In 2025, GDI grew above the rate of average annual inflation (2.7%) and the growth in the number of households (1.3% according to the LFS), which allowed for a recovery in purchasing power. In this context, real household income has grown by 4.5% since before the pandemic, highlighting that households have continued to gain purchasing power in real terms.
The strong financial position of households is reflected not only in the high savings rate but also in their financial accounts. In this regard, households’ financial wealth continued to increase in 2025: their financial assets amounted to 3.4 trillion euros at the end of the year, versus 3.1 trillion at the end of 2024. This increase of 292 billion euros is broken down into a net acquisition of financial assets amounting to 95 billion, higher than the 21.5-billion average in the period 2015-2019, when interest rates were very low, and a revaluation effect of 194 billion. When breaking down the net acquisition of assets, we note that households invested 42 billion euros in equities and investment funds, just under 9.6 billion less than in deposits, while they disposed of debt securities worth 6 billion following the fall in interest rates.
On the other hand, households continued to deleverage in 2025, and by the end of the year their financial liabilities stood at 46.9% of GDP, compared to 47.8% in 2024, the lowest level since the end of 1998. This decline reflects the fact that, in 2025, households took advantage of the interest rate drop to prudently incur debt: net new borrowing amounted to 35 billion euros, representing an increase of 3.8%, which is lower than the nominal GDP growth of 5.8% and the GDI growth of 5.3%.
As a result of the increase in financial assets and the decrease in liabilities as a percentage of GDP, the net financial wealth of households recorded a notable increase of 7.3 points compared to 2024, reaching 156.8% of GDP.
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