Embargoed: 00:01am CET, 17 October
NEW RESEARCH: NATO 2% SPENDING GOAL COULD DIVERT $2.6 TRILLION FROM CLIMATE FINANCE BY 2028
NATO’s goal of 2% spending of GDP on the military will accelerate climate breakdown by diverting millions of dollars from climate finance and increasing greenhouse gas emissions, concludes a new report that urgently calls for a ‘climate dividend’ similar to the ‘peace dividend’ that was won with the end of the Cold War.
The report, Climate Crossfire, produced by Tipping Point North South (UK), together with Transnational Institute (International) and Stop Wapenhandel (Netherlands), estimates the likely financial implications as well as increased greenhouse gas emissions that would result if all NATO members meet their commitment to increase military spending to a minimum of 2% of GDP.
The report finds that:
- NATO’s military spending this year – $1.26 trillion- would pay for 12 years of promised climate finance of $100 billion a year.
- If all NATO members meet its 2% military spending targets, it would divert an estimated additional US$2.57 trillion by 2028 away from climate spending, enough to pay for climate adaptation costs for all low- and middle-income countries for seven years.
- NATO’s estimated military carbon footprint this year – 205 million tCO2e – is comparable to the total annual greenhouse gas emissions of many countries. If NATO’s militaries were a country, it would rank 40th in the world in terms of greenhouse gas emissions.
- If all NATO members meet its 2% military spending targets, this would lead to an estimated additional 467 million tonnes of greenhouse gas emissions.
- NATO members export arms to 39 of the 40 most climate-vulnerable countries, fuelling conflict and repression at a dangerous moment of climate breakdown.