Paris: Hundreds of billions of dollars a year – more than a decade to help developing countries control their carbon emissions and adapt to catastrophic climate change.
But rich nations have not kept that promise, and experts say the failure to undermine the key COP26 climate summit in Glasgow next month is already tense.
It was first promised at the 2009 United Nations Climate Summit in Copenhagen to gradually increase aid to the global South to $ 100 billion (86 86.5 billion) annually by 2020.
A decade later, rich countries are still not targeting less than $ 80 billion in 2019, which, according to the OECD, will play a role in monitoring climate funding.
NGOs that monitor cash flow say the amount will be halved if subsidies and full loans are not considered.
With the return of a Democrat to the White House, the United States has doubled its aid and pledged $ 11.4 billion annually by 2024, but it is still not enough to close the gap. Canada and Germany are expected to announce updated pledges ahead of the October 31 Glasgow summit.
Today China ranks first in global carbon emissions, accounting for more than a quarter of global emissions, but the United States and other rich countries have historically been the main source of greenhouse gas emissions.
COP26 presenter Boris Johnson recently reminded UN leaders that Britain was the forerunner of the Industrial Revolution and “the first country to send enough atmospheric smoke into the atmosphere to disrupt the natural system.”
And the British Prime Minister continued: “When developing countries ask us for help, we understand that we must accept our responsibilities.”
One of the biggest challenges to climate negotiations is mistrust between the parties, and this can be a very confusing issue on the climate finance table.
“Lack of funding is costing lives and livelihoods,” Sonath said in a statement, chairing a meeting of the Low Developed Countries (LTC).
“Developed countries are making a decade-long commitment to support countries at risk … which will be crucial in building confidence and accelerating the global response to climate change.”
UN Climate Adviser Patricia Espinoza agrees that fulfilling these promises could be a key factor in unlocking other locks.
“The problem with the COP26 decision is that it should be a combination, not one, two or three results,” he told reporters.
“If we can get a good perspective on $ 100 billion, it will lead to progress on some other issues.”
In 2009, $ 100 billion seemed like a lot of money, but experts admit that it was not enough due to the recent heat waves, torrential rains, droughts and floods followed by powerful storms.
This amount seems to be particularly insignificant compared to the government’s multi-trillion-dollar recovery package to support rich economies.
“The global financial response to the crisis raises the question of $ 12 trillion,” a UN-appointed climate finance expert wrote in a recent report.
“If the epidemic triggers such a quick and far-sighted response, of course, can the world mobilize the necessary will to act with similar determination and urgency in response to the climate crisis?”
“So the $ 100 billion target should be seen as a floor, not a ceiling,” he added.
Former Maldivian President Mohamed Nasheed, who represents the 48-nation climate-affected forum and has a population of one billion, said funding should be expanded, including sovereign debt relief.
“We are threatened that we will no longer have an island or country, so we will not be able to repay the loan if we are not nearby,” he said.
“Isn’t it fair for climate-vulnerable countries to call on lenders to restructure their debt?” Glasgow will take up the project for negotiation.
As many observers point out, the $ 100 billion – reducing emissions and preparing for future climate impacts – has become a symbol of the perceived need for “climate justice”.
A rich path has been given in the “loss and damage” negotiations, especially if rich countries fail to deliver on their promises to offset the costs of climate change damage that has already occurred.
Vanessa Naked, a young climate activist from Uganda, said: “The people and communities responsible for the increase in global emissions are just as bad as the climate crisis.
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