Back in 2009, developed countries promised that by 2020 they would transfer $100 billion a year to vulnerable states that are increasingly affected by severe climate-linked impacts and disasters.
In fact, they provided $83.3 billion in 2020 — $16.7 billion less than the target, the Organization for Economic Co-operation and Development (OECD) said.
The missed target is no surprise. The OECD uses UN data processed with a delay of two years, and rich countries have already indicated that the target will not be met until 2023.
But this is a setback ahead of COP27, United NationsThe annual climate summit in November, where countries will be under pressure to sharply cut CO2 emissions.
finance This has become a serious issue in these negotiations, and developing economies say they cannot afford to curb pollution without the support of the rich countries responsible for most of the CO2 emissions that are warming the planet.
“Honoring this commitment is central to renewing trust,” Yamide said. dugnetClimate justice director at the Open Society Foundation, though he said the $100 billion is a piece of the real needs of vulnerable states.
“We need developed countries to present credible plans to enhance their climate finance,” Dagnett said.
The OECD does not break down the data by individual countries. It said it was not clear how the Covid-19-induced economic slowdown affected countries’ contributions, including public loans, grants and private investments that public bodies helped raise.
The European Union and its 27 member states together have been the largest climate finance providers in recent years.
In the world’s poorest countries with shrinking crop droughts, rising sea levels and deadly heat, they are also demanding compensation for the damages associated with these rising climates.
The United States, the European Union and other big polluters have so far opposed moves that could lead to such payments – but some officials said the situation was beginning to change.
“I believe a loss and damage grant facility is gaining traction,” said Carlos FullerBelize’s Ambassador to the United Nations.
“We now need to work on developed countries that are hesitant,” he said.