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In the process of global climate finance, the perspective of climate justice, especially distributive justice, has received widespread attention. However, how this principle is implemented in the practice of climate finance is still a topic that deserves in-depth discussion. Accordingly, this study aims to empirically examine the impact of climate vulnerability on the just allocation of climate aid (including mitigation and adaptation) funds based on balanced panel data of 89 countries from 2010 to 2020. To better understand this relationship, asymmetry, the moderating effects of government quality and low-carbon technologies, and the threshold effect of financial development are also empirically tested. The empirical results confirm that there is justice in the allocation of climate aid funds. Specifically, countries with higher climate vulnerability tend to receive more mitigation and adaptation funds, with adaptation funds being more responsive. However, this relationship is not universal but asymmetric. In addition, we test the mechanisms behind it. The quality of government and low-carbon technology development can enhance the beneficial effects of climate vulnerability, but government quality can only have an effect on the just allocation of mitigation finance. We also find a single threshold effect of financial development in the allocation of mitigation finance. Climate vulnerability contributes more to improving the just allocation of mitigation finance when the level of financial development exceeds the threshold. Finally, we provide policy implications for donors and recipients, respectively.
Liu et al. (Mon,) studied this question.