Developed countries are failing to deliver on their $ 100 billion commitment to help poor countries fight climate change.

Canada’s environment minister says developed countries’ loss of $ 100 billion pledge “undermines confidence”

Smoke rises from the chimney of the Feyzin Total refinery near central Lyon, France, on October 15.

A new report co-authored by Canada and Germany ahead of the COP26 summit says developed countries have failed to deliver on their $ 100 billion-a-year commitment to help poor countries fight climate change and reduce greenhouse gas emissions.
The report, prepared by Environment Minister Jonathan Wilkinson and his German counterpart Johann Flasbart, documented the rich countries’ progress in financially supporting other countries in mitigating climate change, but set a target of $ 100 billion a year in 2009. By 2020, support is almost non-existent, and more aggressive action is needed over the next six months to drive change.
The UK, co-host of COP26 in Glasgow, Scotland, has instructed Canada and Germany to prepare the report ahead of an important climate summit to identify shortcomings in the world’s developed countries and propose solutions to achieve long-promised financial goals.
The $ 100 billion-a-year commitment was first made more than a decade ago at the COP15 event in Copenhagen, Denmark, which acknowledged that developed countries have a great responsibility to create climate change emissions, and is now relatively large in poor countries. affected.
The money was seen as a way to correct past mistakes and strengthen cooperation in the fight against climate change, and it was also an important agreement for some low-income countries in the “southern part of the world” to sign a goal to reduce emissions. The 2015 Paris Climate Summit.
“In the last few months, we have heard growing concerns that the US $ 100 billion target has not been met by 2020. We share our frustrations,” Wilkinson and Flasbart wrote in a report entitled “Climate Financing Plan.” “It is impossible to overestimate the importance of achieving this goal.”

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At a news conference on Monday, Wilkinson said developed countries had “lost confidence” because they had not kept their financial promises.
“We’ve done a lot together, but we’re under-heated. Delivering $ 100 billion is important to maintain trust on all fronts,” Flasbart said.
Some countries have promised more than planned
However, since Canada and Germany began to see progress in meeting their financial commitments, some countries have more money than planned, which means that developed countries may meet their first target in three years. .
“Additional promises have been made over the last six weeks. There are several countries we may still be waiting for,” Wilkinson said.
Canada, Germany and the United Kingdom are among the countries that have received new funding commitments.
In June, Prime Minister Justin Trudeau announced that Canada would double its international climate finance commitment to $ 5.3 billion over the next five years. Last year, the UK also doubled its initial commitment to $ 19.25 billion to reduce overseas climate between 2021 and 2025. Over the next five years, Germany will spend $ 5.8 billion annually on international climate finance.
According to the latest estimates from the Organization for Economic Co-operation and Development (OECD), climate financing provided by developed countries has increased from US $ 58.5 billion in 2016 to $ 79.6 billion in 2019 and by 2023 billion.
To surpass the $ 100 billion price, the two environment ministers have proposed spending more money on rich countries faster. “Those who have not yet made a commitment should follow suit and start ambitious climate finance as soon as possible,” the ministers said in a statement.
At COP26, ministers said there should be “strong talk” to determine “a way to ensure that countries are doing what they need to do together to achieve the goals of the Paris Agreement.” 1.5 C to avoid the worst effects of climate change.

When the promises were first made in 2009 and reaffirmed in 2015, world leaders expected the private sector to keep their financial promises, but they too failed. In fact, the report concludes that “private mobilization is not what we envisioned,” which hampers the global community’s efforts to halt climate change.
“We need to see private sector growth,” Wilkinson said.

Environment Minister Jonathan Wilkinson said developed countries could reach their goal of sending $ 100 billion in 2023 to help poor countries fight climate change.

According to environmental organizations, the $ 100 billion commitment is not enough to offset the negative effects of rising greenhouse gas emissions in developing countries. African countries need to increase funding tenfold to $ 1.3 trillion a year by 2030, a spokesman for the African Climate Agreement told Reuters this month.
“$ 100 billion in climate funding is not only a lifeline for the poor and vulnerable at the forefront of the climate crisis they have created, but also the least they need to do to end the rich-land deal. COP26” Director Mohamed Adov said.
Most of the money has been spent in the past through the United Nations’ South Korean-based Green Climate Fund (GCF), the World Bank, the Inter-American Development Bank, and the Asian Development Bank. .
Of the dozens of projects completed or ongoing, GCF has helped build local “adaptability” in the South Pacific island nation and the Federal Republic of Micronesia, which are most vulnerable to climate change, and help address rising sea levels. . In East Timor, Asia, an early warning system and a “disaster risk reduction mechanism” have been set up with money from developed countries. In Nigeria, Africa, GCF has helped improve irrigation systems to prevent flooding.

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