If you follow the headlines, climate finance appears to be on the rise. But if you follow the money itself, a much more disturbing story emerges – one of deep imbalances and enormous missed opportunities. It is generally assumed that massive investments go where they are most needed.

New breakthrough report But One Earth’s „Minding the Gaps“ reveals a completely different and surprising reality. It shows where climate money is actually going—and, more importantly, where it’s not. This article reveals five of the report’s most counterintuitive findings, which point to fundamental flaws in our approach to financing the planet’s future.

The challenge is no longer whether we can solve the climate crisis, because the solutions already exist. The real question is whether we will finance them in time.

Almost 90% of % of money goes to a single area

The report reveals a massive imbalance in funding. As much as 89% of all climate finance tracked goes to a single pillar: the energy transition. While the clean energy transition is absolutely crucial, this extreme concentration means that other critical areas remain dramatically underfunded.

By comparison, nature conservation receives only 4 % and regenerative agriculture only 7 % of the total funding. This is a huge problem because, as the report highlights, we cannot work in isolation. We need to address the climate crisis, biodiversity loss and food systems together as one interconnected whole.

Even in the best-funded field, diversity is lacking

Even in the energy sector, where money flows most freely, investment reveals a surprising lack of imagination and strategic diversity. About half of all clean energy finance tracked is going to a single technology: solar photovoltaics. Yet recent projections show that photovoltaics will account for just 21% of the global energy mix in the future.

This is not just a misallocation; it is a high-risk bet on a single technology that ignores the need for a resilient and diversified energy portfolio capable of meeting diverse geographic and community needs. Other key solutions are being dangerously neglected. Technologies such as geothermal, district heating and wave energy collectively receive less than 3.1 trillion won in investment. The report also highlights the „energy access gap“: only 3.1 trillion won of commercial investment goes to companies building infrastructure for disadvantaged communities, creating a transition that is neither fair nor inclusive.

We are forgetting the natural life support system on the planet

This extreme focus on a few technological solutions not only creates a fragile energy transition, but also starves the most fundamental climate solution of all: nature itself. The nature pillar is shockingly underfunded – receiving just 4% of total climate finance – even though natural ecosystems play a vital role in stabilizing the climate. They store carbon, regulate water cycles and maintain the biodiversity that is the foundation of life on Earth.

The funding gap is enormous. It is estimated that $600 billion is needed annually to protect and restore nature. However, current funding from all sources is only about $140 billion. Interestingly, the main driver of funding in this pillar is philanthropy. This only underscores how traditional markets fail to value the services that nature provides us for free.

We are ignoring the planet's most effective protectors

One of the report’s strongest findings is the neglect of indigenous-led conservation. Indigenous communities manage up to 39 trillion of the Earth’s remaining intact ecosystems. Yet less than 6 trillion of philanthropic funding earmarked for conservation supports indigenous peoples’ land rights.

This is a huge missed opportunity. Research repeatedly confirms that conservation led by indigenous communities outperforms conventional models. This finding shows that the key to closing the $600 billion gap in nature financing is not just bigger, but above all more intelligent money. Supporting indigenous peoples' land rights is one of the most effective ways to achieve lasting and widespread positive impact.

Your vegan burger may not be the climate solution

In the area of regenerative agriculture, the report reveals another surprising finding. Simply switching to a plant-based diet is not a complete solution if crops are grown using monoculture methods that deplete the soil. Products such as meat-free proteins attract more than 19% of all funding in this pillar. In contrast, eight key solutions for regenerative agriculture – including agroforestry, sustainable biochar and polyculture – receive less than 2.5% of funding combined.

This reveals a dangerous blind spot in climate finance: investors finance product of the new food system (plant proteins), while ignoring process (regenerative agriculture) that is needed to make this system truly sustainable. We are building the roof of a new food system on the foundations of crumbling soil.

We cannot plant the future on depleted soil.

From seeing gaps to closing them

The findings of the Minding the Gaps report are not an indictment but an invitation. They show us that our failure lies not in a lack of solutions but in a lack of focus. We have the map; the question is whether we will have the wisdom to follow it.

Tools like the One Earth Solutions Finance Tracker are giving us a clear view of this imbalance for the first time. Visibility is the first step towards better coordination and more strategic resource allocation. It allows us to step outside our comfort zone and see the big picture.

Now that we see the full climate finance map, where do we choose to direct our collective resources to build the future we deserve? JRi