The difference in climate change response between rich and poor nations is widening, with some countries failing to reach the $100 billion mark required for urgent priority actions. For richer countries like France and Australia it has been easy to meet this target while less affluent nations struggle to raise funds.
“Climate change 2021” is a documentary that discusses the issue of climate change. It talks about how rich nations lag behind in meeting the $100 billion goal set by United Nations.
According to a new report from climate negotiators, wealthy governments will not fulfill a pledge to provide $100 billion per year to help developing countries fight climate change until at least 2023, a setback that comes just days before a closely watched United Nations climate summit begins in Scotland.
The commitment was an important aspect of the 2015 Paris climate agreement, since it helped convince poor countries to ratify the agreement and commit to reducing their own emissions. Rich countries said that from 2020 to 2025, they would provide poorer countries $100 billion to assist them transition to renewable energy and adapt to the repercussions of climate change, including as rising sea levels and drought.
According to a study released Monday by the United Kingdom, which is hosting the COP26 conference in Glasgow, which starts on Sunday, donor countries are projected to fall $20 billion short of meeting the 2020 objective, owing to a lack of private finance. According to the paper, modeling by the Organization for Economic Cooperation and Development (OECD), a group of rich nations, indicated that the $100 billion objective could be met by 2023.
The gap is causing tensions between industrialized and poor countries as they prepare to meet to discuss how to fulfill the Paris Agreement’s climate commitments. The agreement requires countries to keep global warming well below 2 degrees Celsius by the end of the century as compared to the pre-industrial period, with a goal of 1.5 degrees. According to a United Nations analysis released last month, emissions-reduction plans submitted under the Paris Agreement would keep global warming to roughly 2.7 degrees.
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Alok Sharma, the President of the United Kingdom’s COP26, remarked that although missing the objective was “very disappointing,” he remained optimistic that wealthy countries will be able to send over half a trillion dollars to developing countries by 2025.
“What we’ve attempted to accomplish here…is instill confidence in what’s to come in the next years,” he added.
For decades, Western countries responsible for the majority of greenhouse-gas emissions have promised to compensate poorer countries in order to assist them with what is likely to be an extremely costly global energy transition. The cash, according to developing countries, is necessary for them to agree to further emissions cuts at the Glasgow meeting. Providing clarity on the $100 billion a year commitment was seen as a method to create confidence ahead of the meetings by negotiators.
Alok Sharma, the President of the United Kingdom’s COP26 delegation, expressed confidence that rich countries would be able to send over half a trillion dollars to developing countries by 2025.
Stefano Guidi/Getty Images/Stefano Guidi/Getty Images/Stefano Guidi/G
According to the OECD, developed nations’ climate funding contributed and mobilized climbed from $58.5 billion in 2016 to $79.6 billion in 2019. For the third year in a row, the sum raised by wealthy nations seems to have stabilized around $80 billion.
Officials from developed countries recognize that the cost of poor countries’ responses to climate change will eventually exceed $100 billion. They’ll be discussing in Glasgow on how much of the cost wealthy countries should foot from their government budgets and raise from private investors. Officials in the West expect the private sector to foot a large portion of the tab.
“We definitely need to see the private sector step up,” said Jonathan Wilkinson, a co-author of the study from Canada. “We need trillions of billions, not a hundred billion,” says the author.
Diplomats such as US climate envoy John Kerry and UK COP President Mr. Sharma have traveled the world in an attempt to persuade countries to increase their financial commitments. The Biden administration has planned to raise climate financing to poor nations to $11.4 billion per year by 2024, subject to congressional approval, making the United States the single largest beneficiary.
Near the town of Kandadji, a Nigerian soldier monitors the construction site for Niger’s first hydroelectric dam.
Agence France-Presse/Getty Images/boureima Hama
Mr. Sharma commissioned Mr. Wilkinson and Jochen Flasbarth, state secretary at Germany’s Environment Ministry, to write the study on Monday. Based on private inputs to the OECD, the research projected that public and private financing for the plan would safely surpass $100 billion by 2025.
The majority of the current gap will be covered by public funds. Until now, pension funds, insurance firms, and other significant institutional investors have been hesitant to support renewable-energy projects in nations where they perceive a greater risk. Officials stated there was internal discussion over how conservatively to handle private funding expectations. Officials claim that an earlier draft of the study predicted that the $100 billion objective would be met in 2022 based on more aggressive assumptions regarding private investors’ risk appetite.
Officials believe that by pointing to this rising trend at the Glasgow discussions, affluent countries would be able to keep poor countries on board. Officials said they anticipate nations such as Italy and Spain to make contributions shortly, bringing the total to more than $1 billion.
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Mr. Flasbarth said, “There is a lot of money on the table.” “The stats aren’t poor enough not to be helpful at Glasgow,” he remarked.
High-emitting industrialized countries should pay low-emitting countries that have suffered disproportionately from climate change, according to Mohamed Bazoum, the president of Niger, a Sahel country.
“Climate change has been a tidal wave in the Sahel since the 1960s. Mr. Bazoum said that “money is required” to compensate impoverished nations for the damage. “We are the victims of the wealth of other nations.”
This article was co-written by Benoit Faucon.
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