A significant pledge made ahead of an upcoming climate change summit has yet to be fulfilled, and the funds are unlikely to be accessible until 2023.
The UK government has unveiled a new finance strategy ahead of the COP26 climate change summit next week. It discusses how wealthy countries plan to provide $100 billion in climate funding to underdeveloped countries each year. The original aim was to achieve that goal by 2020. However, the finance plan stated that while the aim appeared “unlikely” to be realised, it was “confident” that it would be met by 2023. The new approach, according to some environmentalists, is too little, too late.
Alok Sharma, the President-Designate of COP26, said: “This plan recognises progress, based on strong new climate finance commitments. There is still further to go, but this delivery plan, alongside the robust methodological report from the OECD, provides clarity, transparency and accountability. It is a step towards rebuilding trust and gives developing countries more assurance of predictable support.”
According to the Organization for Economic Cooperation and Development, the $100 billion per year financing target will only be met in 2023.
Climate finance is crucial in assisting developing countries in combating climate change and adapting to its consequences.
According to the donor plan, rich countries have increased their support “substantially” since the $100 billion objectives were set at UN negotiations in 2009, reaching $79.6 billion in 2019. Although final data for 2020 are not yet available, it is becoming evident that, in the midst of the COVID-19 pandemic’s economic troubles, developed countries failed to mobilise $100 billion by last year’s deadline, according to the report. However, the UK COP26 Presidency currently predicts that the $100 billion objectives will be missed in 2021 and 2022, but that they will be met in 2023.
“To provide confidence and momentum going into COP26, the $100bn climate finance goal must be met immediately, not in 2023,” said Mohamed Nasheed, the former president of the Maldives.
“The financing announcement is extremely disappointing in that it asks us as developing countries to wait even longer for the delivery of a promise that was first made more than a decade ago. I know the UK presidency has worked very hard for this, and I appreciate their efforts, but this is not sufficient to lay the groundwork for a successful outcome at COP26.”
” Unless more progress is made in the next fortnight, we will all be in trouble. “
Jonathan Wilkinson and Jochen Flasbarth, Canada’s and Germany’s environment ministers, respectively, drafted the financing delivery plan at Mr Sharma’s request.
Jonathan Wilkinson, Canada’s finance minister, was quick to point out that the plan, in his opinion, would meet the $100 billion per year goal between 2020 and 2025.
“We have much greater confidence that the goal that was agreed upon will, in fact, be achieved, and in fact, it will be overachieved beyond 2023 so I think that’s very good news. And I think that perhaps through this process, we’ve moved the bar in terms of how we can provide greater confidence and transparency going forward.”
On Monday, UK Prime Minister Boris Johnson stated the next COP26 global climate conference will be “touch and go” in terms of securing the accords needed to combat climate change.
“It is going to be very, very tough this summit. I am very worried because it might go wrong and we might not get the agreements that we need and it is touch and go, it is very, very difficult, but I think it can be done,” he stated.
Meanwhile, the climate problem is worsening: despite the pandemic, the build-up of warming gases in the atmosphere reached record levels in 2020, according to the World Meteorological Organization. In the last ten years, CO2, methane, and nitrous oxide concentrations have increased higher than the annual average.
“Developing countries have been rightfully disappointed that so far developed countries have not delivered on the $100bn pledge that was already given in 2009,” said Jochen Flasbarth, Germany’s secretary of state for the environment, one of the plan’s creators.
“Hence, I am glad that the process I was honoured to lead jointly with minister Jonathan Wilkinson has created momentum to help to comply with the finance commitment overall in the period up to 2025. We are very aware that also after today’s release of the Delivery Plan, a lot of work remains.”
What is the Paris Agreement?
Climate change is a global crisis that transcends national boundaries. It’s a problem that necessitates global collaboration and coordinated solutions at all levels. One of the agreement’s long-term goals is to offer financial help to developing nations in order to combat climate change, boost resilience, and improve their ability to adapt to its effects. The Accord is a legally enforceable international pact. It went into effect on November 4, 2016.
The Agreement includes pledges from all countries to decrease emissions and collaborate to adapt to the effects of climate change, as well as a call for countries to strengthen their pledges over time. The agreement paves the door for developed countries to help developing countries with climate mitigation and adaptation measures while also establishing a framework for transparent monitoring and reporting of governments’ climate targets. The Paris Agreement establishes a long-term framework that will guide the global effort for decades. It is the start of a transition to a world with zero emissions. The Agreement’s implementation is also critical for achieving the Sustainable Development Goals.
What is Climate Finance?
Climate finance refers to local, national, or global funding that might come from public, private, or non-traditional sources. Because large-scale investments are required to considerably reduce emissions, particularly in sectors that release high amounts of greenhouse gases, climate finance is crucial to solving climate change. Climate finance is also vital for adaptation, which will require large financial resources to allow communities and economies to adjust to the negative effects of climate change and lessen their repercussions.
What is COP26?
COP26 is the world’s most important climate change summit, and it will be held in the United Kingdom in 2021. The summit will be attended by countries that signed the United Nations Framework Convention on Climate Change (UNFCCC), which entered into force in 1994. This is the 26th COP summit, which will be co-hosted by the United Kingdom and Italy. Due to delays caused by the COVID pandemic, the conference will be held in Glasgow from November 1 to 12, 2021, a year later than anticipated.
If COP26 is held as a fully physical event, it will be the largest summit the UK has ever hosted, with about 30,000 people expected to attend. Many people regard it as the most significant climate event since the 2015 Paris Agreement, in which all UNFCC signatories pledged to keep global warming well below 2 degrees Celsius over pre-industrial levels and to pursue measures to keep it below 1.5 degrees Celsius. The Paris Agreement requires countries to set more aggressive objectives for ending their contribution to climate change, and COP26 is the first opportunity for them to do so.