In 2009, the wealthiest countries in the EU pledged to contribute $100 billion a year to combat climate change. However, a decade later, reports have shown that the actual contributions fall far short of this.
According to a report published last week by the Organisation for Economic Cooperation and Development (OECD), in reality, “the financing provided and mobilised by developed countries for climate action in developing countries reached $71.2 billion in 2017”.
The contributions made by the most industrialised countries go towards funding less developed countries and helping them to combat the negative effects of climate change. Every year, the richest countries pledged to aid the poorest.
But as these nations have failed to deliver, it’s predicted that there will be a fresh debate on the matter at the next UN climate summit, which is due to be held next week. There, governments in receipt of funding will probably want guarantees on future payment amounts.
Earlier in the year, eight EU member states – Belgium, France, the Netherlands, Portugal, Spain, Luxembourg, and Sweden – made further calls for an increase in the climate change budget. The group said they wanted to reach net-zero emissions by 2050.
At COP Climate 25 at the end of the year, which is being held in Chile, new negotiations are due to take place on how developed nations can support others in reducing the negative impact climate change could have in the coming years.
But, the good news is, the OECD says that progress is being made and that over 75% of funding is coming from public sources, and just 20% from the business community. Of this, around 40% is from donations and 60% is financing.
In a press release for the report , the OECD added: “The share of grants in public climate finance in 2016-17 is higher for least-developed countries (36%) and small-island developing states (54%) than for all developing countries (24%). The share of climate finance going to mitigation activities was 73% in 2017, compared to 76% in 2013. For adaptation activities, the share amounted to 19% in 2017”
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