The Organization for Economic Co-operation and Development (OECD) said on Friday that rich countries are failing to deliver on their longstanding $100 billion commitment to help poorer countries tackle climate change.
In 2009, developed countries committed to donate $100 billion a year to vulnerable states affected by increasingly severe climate impacts and disasters by 2020.
However, the OECD said they provided $83.3 billion in 2020, falling $16.7 billion below the target.
It’s no surprise that the goal wasn’t met. The OECD uses data from the United Nations (UN) processed with a two-year delay, and rich countries have signaled that the target will not be reached until 2023.
However, it’s a setback for COP27, the UN’s annual climate summit in November, when countries will face pressure to reduce their CO2 emissions faster.
Finance has become a sensitive point in these negotiations, and emerging economies say they will not be able to contain pollution without the support of rich countries responsible for most of the planet-warming CO2 emissions.
“Honoring this commitment is key to restoring trust,” said Yamide Dagnet, Director of Climate Justice at the Open Society Foundations, but said that $100 billion is only a small part of the real needs of vulnerable states.
“We need developed countries to come up with credible plans to increase climate finance,” Dagnet said. Said.
source: Noticias
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