EU chief announces extra $4.7bn in climate funds for Global South and challenges US to ‘step up’

Developed countries agreed greater than a decade in the past, and reaffirmed within the 2015 Paris Settlement, to switch $100 billion a yr by 2020 to the growing world to help their inexperienced transformations and to adapt to the impacts of local weather change.

Collectively, the world missed that deadline final yr. The US has been notably criticized for transferring nothing in the course of the 4 years of the Trump administration.

In her annual State of the Union handle to the European Parliament, von der Leyen pointed to the European Union because the world’s greatest contributor to local weather finance, calling on the US and others to “step up.”

Not a single G20 country is in line with the Paris Agreement on climate, analysis shows
“Group Europe contributes €25 billion a yr. However others nonetheless depart a gaping gap in the direction of reaching the worldwide goal. So closing that hole will improve the possibility of success in Glasgow,” von der Leyen mentioned, referring to the UN climate change conference COP26. She pledged that the extra €4 billion will likely be paid up till 2027.

“However we count on america and our companions to step up too,” she added. “That is very important as a result of closing the local weather finance hole collectively, the US and the European Union can be such a robust sign for international local weather management, and it’s time to ship now. We’ve no time to attend anymore.”

The Biden administration has mentioned it is going to double the extent of local weather finance transferred within the Obama administration’s second time period, which averaged at round $2.8 billion, however critics say it must do extra to make up for 4 years of no finance in the course of the Trump years.

Growing nations greater than a decade in the past had hammered out the local weather finance settlement with wealthier nations to acknowledge the developed world’s bigger function, traditionally, within the emission of greenhouse gases. Per capita, many developed nations emit way more carbon than growing nations.

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