OECD: Rich countries have failed to meet their climate finance target

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Rich countries have failed to meet a long-standing pledge to provide $100 billion to help poorer countries deal with climate change, the OECD said today.

In 2009, developed countries pledged that by 2020 they would transfer $100 billion per year to vulnerable countries affected by worsening climate-related impacts and disasters.

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In fact, they provided $83.3 billion in 2020 – $16.7 billion short of the target, the Organization for Economic Co-operation and Development (OECD) said.

This development is not surprising. The OECD uses United Nations figures, which are processed two years late, and rich countries have hinted that the target will not be reached until 2023.

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But it is a blow ahead of COP27, the annual United Nations climate summit in November, where countries will face pressure to cut carbon dioxide emissions at a faster pace.

Financing has become a thorn in these talks, with developing economies saying they cannot afford to cut pollution without support from rich nations responsible for most of the planet-warming carbon dioxide emissions .

“Meeting this commitment is important to renew trust,” said Jaminde Dagnet, director of Climate Justice at the Open Society Foundations, although she said the $100 billion is a small fraction of the actual needs of vulnerable states.

“We need developed countries to present credible plans to step up climate finance,” Dagnett said.

The OECD does not provide data for individual countries. He said it was unclear how the plunge in the economy due to COVID-19 may have affected countries’ contributions, which include government loans, grants and private investment, which state agencies help to trigger.

Source: AMPE

Source: Capital

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