Cop26: $ 100 billion climate crisis fund for poor countries will be three years late

Rich countries will be three years behind in setting up a long-promised $ 100 billion climate crisis fund for poor countries, according to a pre-Cop26 study.

The target is seen as crucial in gaining the confidence of developing countries to make their own CO2 reduction commitments in Glasgow next week, but $ 20 billion was missing in 2019.

Now, the study confirms that the initial target of $ 100 billion by 2020 has been missed, but expresses “confidence that it would be reached in 2023”.

A disappointed Oxfam said: “This plan claims rich countries will hit their target three years late. “

Germany and Canada have been given the responsibility of putting pressure on the richest nations to commit to amassing the missing billions as Cop26 approaches.

The report says its projection that $ 100 billion will be achieved in 2023 is “based on promises made by developed countries by October 20, 2021.”

The UK has pledged around £ 2.3bn annually through 2025, but The independent revealed that the money would be taken from the reduced foreign aid budget – despite the requirement that they be “additional”.

The delay to 2023 has been attacked by aid groups including ActionAid International, which called the announcement “the bare minimum necessary to build confidence in the climate talks.”

“Keeping a promise made over a decade ago sets the bar low enough for a successful Cop26,” said Teresa Anderson, the organization’s climate policy coordinator.

She also warned that 71% of support is in the form of loans, which “pushes climate-vulnerable communities further into debt and poverty.”

Jan Kowalzig, Senior Climate Policy Advisor at Oxfam, highlighted “the money the poorest countries owe for every year they fail.”

“This shortfall, which began to accumulate in 2020, is likely to amount to several tens of billions of dollars,” he said.

“These are achievable sums of money – governments have spent trillions of dollars on Covid-19 fiscal stimulus packages, which show their ability to act in an emergency. It’s an emergency.”

The report doesn’t say which countries are providing how much climate finance – but Joe Biden pledged last month to double the US contribution to $ 11.4 billion a year.

The UK has declined to increase its pledge – made two years ago – as a respected think tank suggested it was hurting developing countries by around £ 1.9 billion a year.

Germany and France are among the top contributors, while Australia, Canada and the United States are low payers – while Italy, Spain, Portugal and Greece have been criticized for the confusion regarding their gifts.

The UK government admitted it was “disappointing that the target has not been met so far”, but Cop26 chairman Alok Sharma said “progress” was now clear.

The announcement was “a step towards restoring confidence and gives developing countries more assurance of predictable support,” he said.

But Matthew Pennycock, Labor spokesperson on climate change, called the wait until 2023 “extremely worrying.”

“This is a matter of confidence for states on the front lines of the climate crisis and all the rich countries that fail, including the UK, will have to do more to reassure them,” he said. .

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