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OECD: Rich Countries Reach Global Climate Finance Target 2 Years Late
03 Dec 2024The 100 billion dollar aid target, which developed countries promised to give to poor countries to combat climate change, was reached. However, the target was delayed by 2 years. Countries most affected by climate change demand that the financing target be increased.
In 2009, developed countries promised to transfer $100 billion to poorer countries for disasters that are becoming worse due to climate change starting from 2020. According to the OECD's new report, these countries reached their targets for the first time in 2022 and transferred 115.9 billion dollars to other countries. But $100 billion is far less than the trillions of dollars needed for developing countries to meet their climate goals, protect their societies from extreme weather events, and invest in clean energy.
On the other hand, he has already started to turn the missing 100 billion dollars into a political symbol. At the recent climate meetings held at the UN, some developing countries declared that it would be unacceptable for them to make a faster cut in carbon emissions if the promised financial aid was not transferred.
“Giving Lending Does Not Mean Climate Finance”
At the UN COP29 Conference, which will be hosted by Baku, the capital of Azerbaijan, next November, the finance issue will become a very important topic of the conference, as countries will negotiate on a new global climate finance instead of the 100 billion dollar target for after 2025. While 69% of the 91 billion public climate finance provided in 2022 consists of debts, some countries vulnerable to climate change reacted to the way climate finance was carried out, noting that this situation would further aggravate their debt burden.
Michai Robertson, who serves as the UN climate negotiator on behalf of the Alliance of Small Island States, said, "If you are providing us with export credits, if you are giving us non-concessional loans, it is not possible to call this climate finance."
As a matter of fact, countries are already divided on the new financial target. As the world's largest climate finance provider, the EU is demanding that more countries, including growing countries such as China, contribute more financially towards the new target. China, the world's largest carbon emission producer, had rejected this demand at previous UN climate meetings. The UN's list of countries obliged to contribute to climate finance consists of two dozen countries that industrialized decades ago.
Source: Climate News
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