Nearly 150 green groups have told wealthy governments they need to catch up on their climate aid target by delivering $ 600 billion in 2020-25 total
The UK government is pushing donor countries to increase their climate finance pledges, so they can show how and when they will collectively meet a late target of $ 100 billion a year.
With less than three weeks until the UK hosts a critical UN climate summit in Glasgow, it remains unclear where the money will come from to close a $ 20 billion deficit. Reaching the threshold, initially promised by 2020, is essential for building confidence in the process of the poorest countries.
In a speech in Paris on Tuesday outlining the expectations of Cop26, President-designate Alok Sharma said keeping the $ 100 billion pledge was “a top priority.”
“Based on the conversations I have had, I hope more countries will make commitments,” he said, adding that “thinking about this keeps me awake at night”.
Senior German environment official Jochen Flasbarth and Canadian Environment Minister Jonathan Wilkinson have been tasked with producing a roadmap to meet the 12-year commitment ahead of the start of Cop26 on October 31.
A spokesperson for the German Environment Ministry told Climate Home News that the report was “still a work in progress” and that a final release date or release plan had not yet been set. A source close to the process said the roadmap could be released at the end of next week.
It should indicate the year in which donor countries will reach the $ 100 billion threshold based on their latest pledges.
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In a letter sent to all donor countries on Wednesday and seen by Climate Home News, nearly 150 organizations from more than 40 countries told rich countries they are expected to raise a total of $ 600 billion between 2020 and 2025 – reaching figures higher annuals by the end of the period to cover past deficits.
Rich countries missed $ 20 billion from the 2019 target, according to the latest available data analyzed by the Paris-based OECD. Although the final analysis for 2020 is not yet available, analysts doubt the target was reached last year.
“And that might not be achieved in 2021 either,” the activists wrote to governments.
“The success of Cop26 depends in large part on the success of a climate finance program. It’s time to prepare a serious delivery plan that fully respects your past commitments and allows you to come to Glasgow with renewed confidence. We will not be able to accommodate less, ”they warned.
The UK Presidency of Cop26 has repeatedly pushed donor countries to put more climate money on the table.
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Recent pledges, including Joe Biden’s pledge to double the United States’ contribution to $ 11.4 billion per year by 2024, have put donor countries “at a distance of $ 100 billion,” Sharma said in Paris.
Sweden announced on Wednesday that it would double its financial commitment to SEK 15 billion ($ 1.7 billion) by 2025.
Italy, which hosts the meeting of the main G20 economies, is expected to increase its contribution at a leaders’ summit two days before the start of the Cop26 talks. And sources told Bloomberg that Spain and Norway may also announce new funds soon.
The OECD is helping Germany and Canada cut numbers, and commitments made by multilateral banks and the private sector could further narrow the remaining gap.
The issue is not just how much countries rich in climate finance commit to providing, but also how they intend to do it.
In recent years, the share of loans, rather than grants, has grown from half to almost three-quarters of climate finance. Activists oppose the use of loans because it pushes vulnerable countries into further debt.
In their letter, the activists said the $ 100 billion roadmap must show how donor countries will achieve a 50/50 balance between funds for emissions reduction and adaptation to existing climate impacts by 2025. In 2019, only a fifth of climate finance went to adaptation. .