Rich countries scramble to hit $100bn climate finance target

Wealthy nation leaders are scrambling to achieve a $100bn climate finance target within the final week of COP26, regardless of rising divisions within the remaining final week of the Glasgow local weather summit.

Boris Johnson, the UK prime minister and host of the summit, is in search of optimistic bulletins given the chequered progress of the occasion, which has been notable for the absence of the presidents of a number of of the world’s greatest emitters, together with China, Russia and Turkey.

Twelve years in the past on the Copenhagen summit, rich nations dedicated to mobilising $100bn a yr by 2020 to assist poor international locations reduce their emissions and handle local weather change.

Officers and a few politicians imagine the goal determine could possibly be reached in 2022, though the calculation might not be formally up to date by the OECD earlier than the top of the summit.

By 2019 the determine had solely reached $80bn and, in idea, the goal wouldn’t be reached till 2023, in line with the most recent complete examine.

Final month a report commissioned by the UK and based mostly on OECD knowledge by Germany and Canada, discovered that developed international locations had been anticipated to hit a determine near $97bn in 2022.

The lack of developed nations to lift the focused quantity has been cited by creating international locations as a “failure of belief” that threatens to undermine COP26 negotiations.

The announcement last week by Japan’s newly elected prime minister Fumio Kishida of an additional $2bn a yr for the subsequent 5 years, introduced the goal inside attain. There have been additionally recent commitments from Italy, the UK and Denmark, though not all of the funding will begin to stream subsequent yr.

Officers had been cautious final week over whether or not the $100bn determine has but been reached and even whether or not it may be hit over the subsequent week.

However John Kerry, the US local weather envoy, is amongst those that imagine the additional cash pledged by Japan ought to allow the goal to be hit in 2022. “We’re getting Japan on the desk, the opposite day they promised to ship $10bn, two a yr for 5 years,” he mentioned on the finish of final week.

“That, when it’s used as a assure, which will probably be, leverages $8bn on the World Financial institution. So we’re over the $100bn for the yr 2022, not simply 23. So there may be real progress right here.”

One former COP negotiator privately predicted that the determine could be introduced earlier than the top of summit to be able to give extra momentum to the occasion.

Political leaders can also shift the goalposts by insisting that the goal may have been met “on common” over the interval 2020 to 2025.

If the goal is reached it will give Johnson an opportunity to problem a optimistic announcement earlier than the top of the summit, ticking off one of many 4 preliminary precedence areas of “coal, money, automobiles and bushes”.

Nonetheless, any such announcement could be handled with scepticism by the creating world. The calculation by the OECD on local weather funding consists of grants, loans and export finance credit from each private and non-private sources.

Many creating international locations imagine the definition is simply too beneficiant and calculations from Oxfam counsel the true degree of climate-specific grants is about one-fifth of the OECD “local weather finance” numbers, as soon as loans are taken out.

At COP26, negotiations are starting to find out easy methods to set a purpose for the extent of local weather finance in 2025 and past.

Mohamed Adow, founding father of Energy Shift Africa, a Nairobi-based local weather charity, mentioned that the missed $100bn had “massively broken” belief within the UN local weather summit course of.

Because the negotiations begin to warmth up through the second week of the COP, Adow mentioned that “the overall temper may be very bitter, due to the failure to honour these previous guarantees.”

 “As an alternative of addressing these troublesome points, we have now a presidency who prefers to make glitzy bulletins outdoors the method,” he mentioned. “There isn’t any level promising the brand new stuff with out honouring the outdated one.”

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