Rich countries are not pooling a lot of money to help poorer countries tackle climate change
London: Developed countries have made virtually no progress towards their goal of providing $ 100 billion a year to help poor countries tackle climate change, OECD figures showed on Friday.
The data threatens to undermine the United Nations climate talks that begin in Glasgow, Scotland, just weeks away. Developing countries say the funding – which never met its annual target – is essential for them to promise deeper emission reductions that would help meet the Paris Agreement target of limiting global warming to 1.5 degrees Celsius from pre-industrial levels.
“There is no excuse: reaching the $ 100 billion target is a matter of confidence,” said Alok Sharma, president of COP26, in response to the numbers. “We have seen little progress and the OECD report clearly shows how much remains to be done.”
Total climate finance provided and mobilized by rich countries for developing countries was $ 79.6 billion in 2019, an increase of just 2% from 2018, the Organization for Cooperation and Cooperation said. economic development. It would take an annual jump of over $ 20 billion to meet the funding target for 2020 alone. The pace of annual increases has only slowed in recent years.
The United States and the United Kingdom are among the developed countries working to ensure the success of COP26, but lack of funding could prove to be a barrier. US climate envoy John Kerry has crisscrossed the world, including China and Japan, in recent weeks looking for more measures to cut emissions. He assured India’s assistance in raising funds to intensify his efforts.
In 2009, developed countries pledged to mobilize $ 100 billion per year by 2020 in climate finance, and this goal was reiterated in 2015 as part of the Paris Agreement. But that target was missed, in part because former US President Donald Trump removed the world’s richest polluter from the deal.
As a result, his successor Joe Biden is under pressure to find more money, while more than 70 countries, including China and India, have failed to set more ambitious emissions targets for 2030. Bloomberg
Read also : US Senator Introduces Bill to Strengthen Indo-American Cooperation on Clean Energy and Climate Change
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