Belgium is among fifteen countries that contributed more than their fair share to climate financing for developing nations in 2023, according to a joint report published on Sunday by the think tank ODI Global and the Zurich Climate Resilience Alliance. The report also finds that Belgium performs well in terms of the quality of its climate financing, though it warns that future contributions could be threatened by government cuts to development cooperation.
According to the analysis, Belgium provided 1.36 billion dollars (1.17 billion euros) in climate financing in 2023. For the second consecutive year, this meant the country met its “fair share”, calculated on the basis of GDP, cumulative greenhouse gas emissions since 1990 and population size. Belgium delivered 120 per cent of its expected contribution, estimated at 1.14 billion dollars (980 million euros).
High-contributing countries
This places Belgium among a group of fifteen countries, including Norway, France, Sweden, Japan, Luxembourg, Denmark, the Netherlands, Germany, Switzerland, Austria, Iceland, Finland, New Zealand and the United Kingdom, that exceeded their fair share, the largest number ever recorded. Denmark, Germany, Luxembourg, the Netherlands and Sweden are identified as the highest performers.
Assessing the quality of climate funding
For the first time, the report also assessed the quality of climate financing. While many countries rely heavily on high-interest loans, Belgium scores well: its financing contributes minimally to rising debt levels in poorer nations, a substantial share goes to climate adaptation, and over 40 per cent supports the least developed countries and small island developing states, those most in need.
Yet the report ends on a cautionary note. The Belgian government’s decision to cut the development cooperation budget by a quarter will “likely” affect climate financing. More broadly, ODI Global and the Zurich Climate Resilience Alliance warn that shifting geopolitical and economic conditions could reverse recent gains. The United States is cited as a key example: despite increasing its contribution by 4 billion dollars, it still fell 26 billion dollars short of its fair share in 2023, a gap expected to widen further under president Donald Trump.
Flemish minister for welfare and poverty reduction, culture and equal opportunities Caroline Gennez pictured during, a visit to a greenhouse of UCPG, the association of subsistence farmers in the province of Gaza that focuses specifically on women, girls and youth, and FOS, the solidarity organisation of the socialist movement in Flanders, in Nhatine, in Gaza province in Mozambique, Thursday 22 June 2023. © BELGA PHOTO BO BOUILLIAERT
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