The Delayed Pledge Of $100 Billion In Climate Finance Since COP-15.

Today is Thursday, November 7, 2023.

The fifteenth session of the Conference of the Parties (COP-15) took place in December 2009 in Copenhagen, Denmark.

It was when rich nations made a significant pledge to less wealthy nations: they promised to channel US$100 billion a year by 2020, to help them adapt to climate change and mitigate further rises in temperature. Click here to read by yourself, page 7, item 8 of the “Copenhagen Accord”.

“Funding for adaptation will be prioritised for the most vulnerable developing countries, such as the least developed countries, small island developing States and Africa. In the context of meaningful mitigation actions and transparency on implementation, developed countries commit to a goal of mobilizing jointly USD 100 billion dollars a year by 2020 to address the needs of developing countries. This funding will come from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance … A significant portion of such funding should flow through the Copenhagen Green Climate Fund”.

About 14 years passed and still no clear news about this target, the money. And extreme weather events got sensibly more and more …. extreme. And catastrophic. As every living being on Earth is experiencing.

Will the $100 billion target be met? Not by 2020, as promissed, as that date is already over.

On December 2020, an independent expert group on climate finance prepared the report “Delivering on the $100 billion climate finance commitment and transforming climate finance”, a report that was posted at United Nations’ portal. The authors tried to answer that question, and concluded the synopsis of the report as follows:

“Every financial decision should take climate risk into account. Starting with the $100 billion per year by 2020, the whole climate finance system must scale up, urgently. A step change is needed. This is not the time to retreat. It is the time for far greater ambition.” (we kept the bold formatting, as it is in the report).

Click at the image below to read this 70-pages report.

To conclude, as the Brazilian Secretary for Climate Change at the Ministry of Environment and Climate Change, Ana Toni said in an event last week, this is “eroding trust”. And furthermore, the “Global Stocktake” is expected to increase that value. We need for more effective mobilization of the financial sector, applied green taxonomy and support for the most vulnerable countries.

Will COP-28 in Dubai be able evolve with this topic?

#climatechange

#developingcountries

#developedcountries

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