Climate change: $ 100 billion annual aid pledge postponed to 2023

A key commitment ahead of an upcoming climate change conference has not yet been met and the money is not sure it will be available before 2023.

The UK government has defined a new funding plan ahead of next week’s climate change conference – COP26.

Talk about how developed countries hope to provide $ 100 billion a year in climate finance to developing countries.

The original goal was to achieve this by 2020.

But the funding plan said the target seemed “unlikely” to be achieved, but was “confident” that the target would be achieved by 2023.

Some environmentalists say the new plan is too little, too late.

COP26 chair-designate Alok Sharma said: “This plan recognizes progress, based on new and strong financial commitments for the climate. There is still a lot to do, but this delivery plan, together with the solid methodological report of the OECD, provides clarity, transparency and accountability.

“It is a step towards rebuilding confidence and offers developing countries greater guarantees of predictable support.”

Climate finance plays a vital role in helping developing countries cope with climate change and adapt to its impacts.

In 2009, developed countries decided to mobilize $ 100 billion annually in climate finance by 2020 and in 2015 they decided to extend this target until 2025.

However, the UK presidency of COP26 now says the $ 100 billion target is likely to fall short in 2021 and 2022, although it is confident it will be met in 2023.

Mohamed Nasheed, the former president of the Maldives, said: “To provide confidence and momentum to COP26, the $ 100 billion climate finance target must be met immediately, not in 2023.

“The funding announcement is extremely disappointing as 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 presidency. UK has worked very hard for this, and I appreciate their efforts, but this is not enough to lay the groundwork for a successful COP26 outcome.

“Unless further progress is made in the next two weeks, we will all be in trouble.”

The financing plan was drawn up by Jonathan Wilkinson and Jochen Flasbarth, environment ministers of Canada and Germany respectively, at Sharma’s request.

Canadian Finance Minister Jonathan Wilkinson was keen to emphasize that he believes the plan will reach the target of $ 100 billion a year in the 2020-2025 period.

“We are much more confident that the agreed target will actually be achieved and, in fact, will be surpassed beyond 2023, so I think this is great news.

“And I think that perhaps through this process, we have moved the bar in terms of how we can provide more trust and transparency in the future.”

British Prime Minister Boris Johnson also said on Monday that it is “touch and go” if the upcoming COP26 global climate conference will secure the necessary deals to help tackle climate change.

“It’s going to be very, very tough this summit. I’m very worried because it might go wrong and we might not get the deals we need and it’s touch and go, it’s very, very difficult, but I think it can be done,” he said.

Meanwhile, the climate crisis continues to deepen: the World Meteorological Organization said the accumulation of heating gases in the atmosphere has risen to record levels in 2020 despite the pandemic.

The quantities – or concentrations – of CO2, methane and nitrous oxide have increased by more than the annual average over the past 10 years.

“Developing countries have rightly been disappointed that developed countries have so far failed to fulfill the $ 100 billion pledge that was already given in 2009,” said one of the plan’s authors, Jochen Flasbarth, secretary. of the German state for the environment.

“Therefore, I am delighted that the process that I have had the honor of conducting together with Minister Jonathan Wilkinson has created momentum to help meet the overall financial commitment in the period up to 2025. We are very aware that even after today’s publication of the plan delivery, much remains to be done “.

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The COP26 world climate summit in Glasgow in November is considered crucial if climate change is to be kept under control. Nearly 200 countries are being asked for their plans to reduce emissions and this could lead to major changes in our daily lives.