The OECD stated on Friday that rich countries failed to satisfy a long-standing agreement to provide $100 billion to assist poorer countries deal with climate change.
In 2009, affluent nations pledged to send $100 billion per year to vulnerable regions affected by increasingly severe climate-related effects and catastrophes by 2020.
According to the Organisation for Economic Co-operation and Development (OECD), they gave $83.3 billion in 2020, falling $16.7 billion short of the objective.
It’s no surprise that the goal was missed. The OECD utilizes UN data that has been delayed by two years, and affluent nations have already indicated that the aim will not be fulfilled until 2023.
However, it is a setback ahead of COP27, the United Nations’ annual climate meeting in November, when nations will be under pressure to reduce CO2 emissions more quickly.
Finance has been a thorny issue in these negotiations, with poorer economies claiming that they cannot afford to reduce pollution without the backing of the wealthier countries responsible for the majority of CO2 emissions heating the world.
“Honouring that commitment is central to renew trust,” said Yamide Dagnet, Climate Justice Director at the Open Society Foundations to Reuters, but she added that $100 billion is a drop in the bucket compared to vulnerable governments’ real requirements.
“We need developed countries to present credible plans to escalate their climate finance,” added Dagnet.
The data is not broken down by country by the OECD. It said that it was unclear how the COVID-19-induced economic slowdown affected nations’ contributions, which included public loans, grants, and private investments that governmental entities assisted in mobilizing.
In recent years, the European Union and its 27 member nations have been the largest donor of climate money.
As crop-shrinking droughts, rising sea levels, and lethal heat hit the world’s poorest countries, they are seeking recompense for these mounting climate-related losses.
The United States, the European Union, and other major polluters have so far rejected moves that may lead to such payments, but some officials say attitudes are changing.
“I believe a Loss and Damage Funding Facility is gaining traction,” stated Belize’s UN Ambassador Carlos Fuller.
“We now need to work on those developed countries who remain hesitant,” he remarked.