Rich country funding for climate initiatives in developing countries is a hot potato ahead of the Cop26 climate summit in Glasgow.
The target for OECD countries to contribute $100 billion per year to climate finance for poor countries over the period 2020-2025 was approved in 2015 and appears to run into 2023 before it is met. This was announced by the British government, which had a financing plan prepared for the Cop 26 climate summit.
According to the plan of the will Developed countries should make significant progress towards the $100 billion target by 2022, which offers good prospects for achieving it by 2023. After that, it appears that it will be possible for rich countries to mobilize more than $100 billion annually by 2025.
“Increasing climate finance has been one of my top priorities as President of Cop. Progress can be seen in this plan, but at the same time there is still much to be done, but the plan with the OECD report indicates transparency and responsibility,” said Alok Sharma, President Cop 26, in a commentary: “It is a step towards rebuilding confidence and giving developing countries more assurance of predictable support.”
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