Rich countries fail to meet Climate Fund target after COP

(Bloomberg) – Rich countries have broken their pledge of $ 100 billion a year in funding for poor countries to fight climate change, jeopardizing the chances of success of the key COP26 summit this month – this.

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As part of a spending plan released on Monday, developed countries will not reach the collective goal until three years later in 2023. The report falls short of poor countries’ hopes that the group will commit to mobilizing funds on average between 2020 and 2025, despite the first shortages.

The report, produced by Canada and Germany at the request of COP26 President Alok Sharma, has been closely watched as a sign of the commitment of wealthy nations whose greenhouse gas emissions are most responsible. of climate change. The shortfall risks complicating discussions at the COP26 climate conference which begins in Glasgow, Scotland, in less than a week.

“I am disappointed, as are the developing countries,” said Jochen Flasbarth, State Secretary at the German Environment Ministry. Even so, “there is already a lot of money on the table, there is a lot of support, and it will increase, and it has to increase,” he said.

Sharma said it was “very likely” that funding would reach a total of $ 500 billion over five years, based in part on modeling under conservative scenarios – although the report does not commit to. this amount.

Closing the initial deficit over the following years to reach an annual average of $ 100 billion between 2020 and 2025 has been a sticking point with the United States. familiar with the case said.

Climate talks in times of crisis: your roadmap for COP26

According to the report’s scenarios, based on an analysis by the Organization for Economic Co-operation and Development, funding would reach or exceed $ 100 billion in 2023 and approach $ 120 billion in 2025. The OECD estimates funding from 83 to $ 88 billion this year, rising to $ 92. – $ 97 billion in 2023.

‘A failure’

The delivery plan is “a failure,” said Eddy Perez, head of international climate diplomacy at Climate Action Network Canada.

“As a group, the efforts of developed countries remain woefully insufficient both in terms of quantity, quality and accountability of support,” Perez said in an emailed statement. “We cannot afford any further delay.”

The roadmap does not include some additional commitments from developed countries which are still expected this year but were not released on time. For example, Italy is expected to present its new financial commitments in the coming days as part of the Group of 20 meeting in Rome.

“For more than 10 years they have been promising that this climate finance would be provided and every year they delay and drag their feet,” said Mohamed Adow, director of the Nairobi-based Power Shift Africa think tank.

Also Read: UN Says World On Track To Warm By 2.7C Based On Current Plans

Although developed countries committed to finance in 2009, there has never been a coordinated approach on how to mobilize the private finance needed to achieve this goal. Some developing countries, such as Bangladesh and Indonesia, have said they cannot increase their climate commitments without more money.

(Updates with the German manager’s comments in the fourth paragraph.)

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