Developing countries and UN seek clear plan for pledged climate finance | News | Eco-Enterprise


Pressure is mounting on rich countries to say exactly how they will deliver the $ 100 billion a year funding pledged to help poorer countries tackle climate change, the UN chief and the Great Brittany calling on Thursday for a clear plan.

AT summit hosted by Bangladesh, finance ministers from a group of developing economies particularly vulnerable to climate impacts, known as the V20, urged wealthy governments to indicate “how and when” they will deliver on the pledge by 2024.

UN Secretary-General Antonio Guterres said in a video address during the online meeting that a “clear plan” was needed to meet the climate finance target until 2025.

“To restore confidence, developed countries must now clarify how they will effectively deliver $ 100 billion in climate finance per year to the developing world, as was pledged over a decade ago,” the chief said. ‘UN.

In 2009, donor governments agreed to increase climate finance channeled to vulnerable countries to $ 100 billion per year by 2020. As part of the 2015 Paris Agreement, they said they would negotiate an even higher amount that would come into effect from 2025.

But the latest figures from the Organization for Economic Co-operation and Development show that in 2018 around $ 80 billion was delivered, while a UN-commissioned report said in December that it was unlikely that the $ 100 billion target was reached in 2020 amid economic hardship. of the coronavirus pandemic.

On Thursday, Guterres called on rich countries and multilateral development banks to allocate half of their international climate finance to efforts to help poor countries and communities adapt to worsening extreme weather conditions and to the rising seas.

Currently, funding to build resilience accounts for only about one-fifth of total climate finance for developing countries, with the rest going to projects to reduce global warming emissions by moving away from fossil fuels and adopting renewable energies.

“Big push” required

As part of the Paris Agreement, around 195 countries agreed to limit their emissions to keep the increase in global temperature “well below” 2 ° C compared to pre-industrial times, and ideally to 1, 5 ° C, to avoid the worst effects of climate change.

But the planet has already warmed by around 1.2 ° C and is set to warm by nearly 3 ° C as emissions continue to rise around the world, scientists say.

A growing number of large economies have pledged to reduce their emissions to zero by mid-century and are setting tougher reduction targets for 2030.

With support, these countries can overcome polluting technologies as their economies grow and protect themselves from climate change.

Antonio Guterres, Secretary General of the United Nations

But the most vulnerable low-emission countries need financial and technical support to invest in renewable energy and deal with climate-induced disasters, said UN chief Guterres.

Alok Sharma, the UK official who will chair the UN’s COP26 climate talks in November, wrote in a comment for the Thomson Reuters Foundation that the world needs a ‘Big push’ on climate finance before these negotiations.

“This is essential to help developing countries on the path to a clean and green future. With support, these countries can overcome polluting technologies as their economies develop and protect themselves from climate change, ”he wrote on Thursday.

He urged the G7 countries to step up ahead of COP26 with new funding commitments for the next five years, and called for the publication of a plan to provide the $ 100 billion.

Bangladesh Prime Minister Sheikh Hasina, who opened the V20 summit, said that while the 48 member countries of the Climate Vulnerable Forum only accounted for 5% of global emissions, they were the “worst victims” of the climate crisis caused. by the man.

The current Covid-19 pandemic has added “new miseries” and affected the livelihoods of millions of people, especially in Asia-Pacific, Africa and Latin America, she noted.

“We would like to call on developed countries to drastically reduce their carbon emissions. We are also counting on the delivery of the agreed $ 100 billion per year in climate finance, ”she said in the online meeting.

The demand for rich countries to honor their financial commitment was echoed by the presidents of Ethiopia, Colombia, Costa Rica and the Marshall Islands. Latin American leaders have also called for a much higher proportion to be given in the form of grants rather than loans.

US climate envoy John Kerry said it was “imperative” that the $ 100 billion pledge be met by COP26.

“And the promise for the future is that we will do what we need to do to bring larger amounts of funding to the table,” including from banks and other investors, he added. .

The V20 launched its own “Vision 2025” plan on Thursday which aims to deploy more renewable energy, promote low-carbon investments, expand insurance against extreme weather conditions and create green jobs.

This story was published with permission from Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers humanitarian news, climate change, resilience, women’s rights, trafficking and property rights. Visit http://news.trust.org/climate.

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