Children are being failed by climate funding commitments, despite bearing the brunt of the climate crisis, according to a new report from members of the Children's Environmental Rights Initiative (CERI), a coalition of children and young people, activists, child rights organizations, experts, governmental actors and policy makers from around the world.

Less than 3% of funding supporting action for children

Just 2.4% of key global climate funds can be classified as supporting child-responsive activities, the report published by UNCEF said. According to UNICEF's Children's Climate Risk Index, more than a billion children are at extremely high risk of the impacts of the climate crisis.

The study -- 'Falling short: addressing the climate finance gap for children' -- used a set of three criteria to assess if climate finance from key multilateral climate funds (MCFs) serving the UNFCCC and Paris Agreement were: addressing the distinct and heightened risks they experience from the climate crisis, strengthening the resilience of child-critical social services and empowering children as agents of change.

The report found that out of all the money given by MCFs for climate-related projects over a period of 17 years until March 2023, only a small portion (2.4%) met all three of the requirements which amounted to only $1.2 billion.

The report also says that this number likely reflects an overestimate, meaning that even less money may have met all the requirements.

While MCFs provide a relatively small share of overall climate finance, the degree to which these funds consider children matters greatly.

MCFs have a vital role to play in agenda-setting, and in catalysing and coordinating investments by other public and private finance institutions, including at national levels, which are necessary to drive a broader change, the study noted.

Call to give adequate consideration to the most vulnerable

Children are disproportionately vulnerable to water and food scarcity, water-borne diseases, and physical and psychological trauma, all of which have been linked to both extreme weather events and slow-onset climate effects, the report went on to highlight.

There is also evidence that changing weather patterns are disrupting children's access to basic services such as education, healthcare, and clean drinking water, the report states.

"Every child is exposed to at least one -- and often multiple -- climate hazards. The finance and investment that is desperately needed to adapt critical social services like health and water to climate hazards is insufficient and largely blind to the urgent and unique needs of children. This must change. The climate crisis is a child rights crisis, and climate finance must reflect this," said Paloma Escudero, Special Adviser for Climate Advocacy at UNICEF.

The report highlights that when it comes to children, they are often viewed as a vulnerable group rather than being recognised as active stakeholders or agents of change.

Less than 4% of projects, amounting to just 7% of MCF investment ($2.58 billion), give explicit and meaningful consideration to the needs and involvement of girls.

The report is informed by the voices of children from around the world, who said that they face increased risks because of climate change.

The CERI coalition is urging multilateral climate funds, as well as other climate finance providers allocating climate finance at both the international and national levels, to act quickly and address the adaptation gap.

They are specifically calling for funding to cover losses and damages caused by climate change; the focus should be on reaching and assisting the children who are most vulnerable and at high risk due to climate impacts, the report concluded.