Rich countries are struggling to fulfill their climate pledge to poor countries | COP26 – Glasgow Climate Change Conference

This was the suggestion shared by COP26 President Alok Sharma at a press conference in the Scottish city of Glasgow on Sunday, a week before the opening of this international climate conference.

Canadian and German Environment Ministers Jonathan Wilkison and Jochen Flasbart, who attended the event, said an order was issued last July to encourage donations to achieve this goal, adding that they had made significant progress. However, they found that more needed to be done.

US $ 100 billion (CAN $ 123 billion at current rate) was determined in 2009 at COP15 in Copenhagen. It is approaching 2020. However, the latest figures released by the OECD this summer show that the prize pool reached US $ 79.6 billion in 2019, an increase of only 2% compared to 2018.

Estimated figures for 2020, officially known as the Climate Finance Implementation Plan, have not yet been released, but Messrs. Everyone agreed that the goal set by Sharma, Wilkison and Flasberth would not be achieved.

Shri Sharma admitted that these wereThe source of deep frustration For developing countries. I understand this perfectly, He assured.

Probably the whole goal over a period of five years

The goal of raising US $ 100 billion a year for the 2021-2025 COP21 in Paris in 2015 has been revised and three people have suggested that the current OECD estimates could be as high as US $ 500 billion. Collect well in these five years.

However, it is estimated that rich countries will not succeed in reaching the established threshold of US $ 100B per year in 2021 and 2022, but will cross and exceed it in the next three years. According to two scenarios considered by the OECD, it could raise between $ 113 billion and $ 117 billion in 2025.

What we did […], Raising the level of ambition on the part of donor countries and demonstrating very clearly that this goal can be reached and surpassed in 2024 and 2025., Minister Wilkinson commented.

Yes, there is definitely some frustration – perhaps there is still some frustration – but the report and the work done for it offers some optimism. When we look at the 2019 numbers we realize our commitment that was not true three months ago.

The OECD estimates take into account four distinct components: bilateral public finance, multilateral public finance to developed countries, climate-related export credits with public support, and private finance bilateral and multilateral public finance mobilized by the government.

According to Wilkinson, this is private funding that does not currently contribute enough to the fund.

Overall, we are far below the US $ 100B equation because the equity of the private sector is lower than expected., Said Minister Wilkinson. In terms of public funding, it does not shy away from commitments given by governments to contribute.

Clearly, the private sector should redouble its efforts. Need to raise more funds, He continued. In the end, the magnitude of the problem is such, very limited [les changements climatiques] Accordingly, we need to raise not only 100 billion but also trillions of dollars.

Alok Sharma will chair COP26 in Glasgow, Scotland from October 31 to November 12.

Photo: Getty Images / AFP / BEN STANSALL

Critics of rich countries

According to Mohamed Ado, director of the PowerShift Africa Study and Research Center, developing countries are not satisfied with the outcome and insist on keeping their promises. Wealthy countries can not say The mission was fulfilled.

$ 100B in Climate Finance is not just a livelihood for the poor and vulnerable who are at the forefront of the climate crisis they have not created. This is the minimum work that rich countries need to do to fulfill their commitments, Said this longtime observer of climate conferences.

Poor countries should not be deceived and leaders of developed countries must put this money on the table for COP26 to succeed.

For her part, ActionAid International Climate Policy Coordinator Teresa Anderson argued that providing financial assistance in the form of grants from developed countries was crucial, not loans as they currently exist. Otherwise poor countries will find it difficult to repay.

Mr Sharma said he had accepted the policy but was not committed to holding talks in Glasgow. He admitted that almost 70% of the amounts paid for 2019 were actually debt-free.

The COP26 president also confirmed that talks in early November will focus on how aid will be distributed to mitigate and adapt to climate change. Currently, most of the prize pool must be spent to achieve the first goal, not the second.