According to an analysis by the Organization for Economic Co-operation and Development (OECD), the richest countries failed to fulfill their pledge of $100 billion a year to developing countries to help them meet their climate goals.
In 2020, $83.3 billion in climate finance was given to the poorest countries, 4% more than the previous year, but still below the proposed target. The UN-backed payment plan was first agreed in 2009 to help poorer nations adapt to the effects of climate change and reduce emissions.
The commitment, which was initially set up as an annual commitment from its inception until 2020, has never been fulfilled.
“We know more needs to be done” to tackle the deficit, OECD Secretary-General Mathias Cormann admitted.
Who pays to address and adapt to climate change has been a sticking point between richer and poorer nations since international climate negotiations began 30 years ago.
Harsen Nyambe, who heads the African Union’s climate change and environment division, told the Associated Press that the continent will continue to pressure wealthier nations to ensure the $100 billion-a-year deal is met. . He added that the funds will give the continent better access to the necessary technology and help nations transition to green energy in a fair way.
But others believe that after decades of broken promises, the wealthiest countries are unlikely to start rising.
“They have no money. They are too committed to issues like the Ukraine crisis and that’s why they haven’t been able to deliver on any of their promises,” said Godwell Nhamo, professor of climate research at the University of South Africa.
“Africa should move on and find other sources of funding,” he added.
A report published by the British charity Oxfam in 2020 warned that the recent increase in funding came in the form of loans, not grants, with climate-related loans rising from $13.5 billion in 2015 to $24 billion million dollars in 2018. The charity said at the time. that reaching the $100 billion goal in this way “would be cause for concern, not celebration.” It is unclear whether the latest year-on-year increase in climate finance came in the form of loans or grants.
In recent years, climate finance has helped fund greener energy and transport sectors for poorer nations, as well as adaptation measures for agricultural and forestry industries threatened by land degradation, according to the OECD. ___ Associated Press climate and environmental coverage is supported by several private foundations. See more about AP’s climate initiative here. The AP is solely responsible for all content.
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