(Bloomberg) -- Germany is likely to fall short of its climate funding promise to less-developed countries as the country faces severe budget cuts.

The country provided €5.3 billion ($5.2 billion) from its public budget for climate adaptation and renewable energies in other countries in 2021, according to data published by the Development Ministry Thursday. That’s less than the annual €6 billion until 2025 that Germany pledged at the G-7 summit in Cornwall, England, last year.

The target will be even harder to reach amid government efforts to restore its balanced-budget policy that was suspended in 2020 for the pandemic. The Development Ministry -- which covers about 88% of Germany’s climate funding -- has a current budget of about €12.4 billion that faces being trimmed as much as €2 billion a year by 2025, according to Jochen Flasbarth, the ministry’s deputy minister. 

To reach Germany’s promise, “clear additional efforts are required in the budget years 2024 and 2025,” Flasbarth said. 

Rich countries have so far failed to meet their pledge of $100 billion a year of public and private financing for poor nations in the fight against climate change, which prompted Germany and Canada to lobby their fellow developed nations for additional cash. The funding promise will also be a crucial topic during the COP27 climate summit in Sharm el-Sheikh, Egypt, next month.

Germany’s private-sector climate funding has also fallen, dropping to €170 million last year from €770 million in 2019. Together, the private funds and additional publicly mobilized capital meant Germany’s climate funding reached €8.1 billion in 2021.

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