Rich world’s pledge of $ 100 billion in climate aid advances
The money that was supposed to be on the table last year will most likely be next year.
This is the result of diplomatic efforts, announced Monday, to support $ 100 billion a year to help poor countries fight climate change. This comes more than a decade after the United States said it would ensure that the industrialized countries of the world, whose pollutants have already warmed the planet, would raise $ 100 billion a year from 2020. This pledge has was enshrined in the 2015 Paris Agreement, the agreement between nations to fight climate change.
Today, a week before the start of the high-stakes international climate talks in Glasgow, diplomats from Canada and Germany said on Monday in a joint statement that they expected “significant progress towards the goal of 100 billion dollars in 2022 and express their confidence that it will be reached in 2023”.
However, that may not be enough to alleviate the growing tension and mistrust during the Glasgow talks, known as the 26th meeting of the Conference of the Parties, or COP26. “Keeping a promise made over a decade ago sets the bar low enough for a successful COP26,” Teresa Anderson, climate policy coordinator at ActionAid International, a non-governmental group, said in a statement.
Money has been a growing fault line in climate diplomacy. Some poor and middle-income countries have argued that they shouldn’t be expected to slow their emissions of global warming greenhouse gases if rich countries can’t keep their $ 100 billion pledge. of dollars.
In fact, nowhere is $ 100 billion a year enough to adapt to the damage caused by climate change, let alone to divert the energy systems of poor countries from fossil fuels.
The plan, released on Monday, said developed countries would prioritize grants as part of this financing, rather than loans. It’s unclear exactly how to close the shortfalls for 2020 and 2021. The United States has committed $ 11.4 billion a year by 2024, but that would require congressional approval.
“Through these efforts, developed countries are demonstrating that they remain committed to reaching and achieving the goal of US $ 100 billion,” read the statement by the Canadian and German environment ministers, which said. are working to close the funding gap. “We expect our advocacy efforts to create positive momentum for climate action in the weeks and months to come. “
Mohamed Adow of Power Shift Africa, an advocacy group based in Nairobi, called it “the bare minimum that rich countries must do to meet their end of the bargain at COP26”.