The COP26 organizers assured on Monday that the goal of providing USD100 billion annually in aid from rich polluting countries to poor countries to mitigate the effects of climate change can be reached by 2023, a three-year delay from the original pledge.
According to a report from the British presidency, released six days before the climate summit is set to start, the latest analyses of financial commitments “suggest that (the target) would be reached in 2023” and exceeded in subsequent years.
In 2019, during the COP15 in Copenhagen, rich polluting countries pledged to provide up to USD100 billion by 2020 for poor countries to fight against climate change.
Ten years later, aid has only reached USD79,6 billion in 2019, according to the latest figures provided by the The Organization for Economic Co-operation and Development (OECD).
This broken promise by rich countries is among the key issues plaguing preparation for the COP26.
“The goal was almost certainly missed,” conceded COP26 President Alok Sharma in a videoconference statement to present the report, which details the means to get there.
“The work continues, but we have reached an important milestone which will, I hope, restore confidence and create momentum in this home stretch before COP26,” he insisted.
The report is the result of Canada and Germany’s joint efforts to propose a financing plan by the opening of COP26.
It is also based on the analyzes carried out by the OECD, taking into account the latest commitments and funding expectations from multilateral development banks.
A number of experts now consider the USD100 billion objective to be largely insufficient, as the effects of global warming accelerate with an upsurge of extreme weather events.
During the upcoming climate summit on Sunday, the UK government hopes to persuade some 200 countries to do more to reduce their greenhouse gas emissions, in an effort to successfully contain global warming below the 1.5°C mark.
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