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Rich nations all but stall on key $100bn climate fund goal

Total climate finance provided and mobilised by rich countries for developing nations increased just 2% in 2019.
Image: Bloomberg

Developed countries made almost no progress toward their goal of providing $100 billion a year to help poor countries tackle climate change, figures from the OECD showed on Friday.

The data threaten to undermine crunch United Nations climate talks that start in Glasgow, Scotland, in just weeks. Developing nations say the funding — which has never hit its annual target — is key for them to pledge deeper emissions cuts that would help achieve the Paris Agreement’s goal of limiting global warming to 1.5 degrees Celsius compared with pre-industrial levels.

Total climate finance provided and mobilised by rich countries for developing nations was $79.6 billion in 2019, an increase of just 2% from 2018, the Organisation for Economic Co-operation & Development said. It would require a more than $20 billion annual jump to meet the funding goal for 2020 alone. But the rate of annual increases has only slowed over the years.

In 2009, developed countries promised to mobilize $100 billion a year by 2020 in climate finance, and that goal was reiterated again in 2015 as part of the Paris accord. But that target has been missed, in part because former US President Donald Trump pulled the world’s richest polluter out of the deal.

As a result, his successor Joe Biden is under pressure to find more cash, while more than 70 countries, including China and India, have failed to come up with more ambitious emissions targets for 2030.

© 2021 Bloomberg

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You gotta love those American vehicles. Why do you want a 660cc Japanese “Kei” car, if you can have a DODGE RAM SRT-10 sport-truck….

8,3 liter V10 engine.

Or kill Mother Nature by owning a specialised 6×6 version of Merc Gelandewagen G63….AMG-tuned 5,5 liter V8 twin-turbo.

Honestly people, let’s try to live more efficient. I mean, what’s wrong with a 2-cyl 600cc Steyr-Puch HAFLINGER? 😉

The G7 built their economies of dirty energy and the contra entry to that is the climate change challenge we face today. One can easily prepare a list of what is owed in historic carbon tax per nation using GDP since 1900 as a correlation base.

Now these countries have transformed into low energy services and import their physical products from emerging economies. And the G7 demand that this be clean energy products.

So their solution is to lend the emerging countries money with which to buy G7 renewable technology????

Stuff this! making available loans is double-dipping!!!

They can PAY for the wind solar and battery systems the emerging countries are supposed to install, as part payment of what they owe the world.

If not, the world’s producers must just charge a large carbon tax on exports. It is not as if Europeans or Americans are going to try and compete against $1/hour labor rates switching economic systems to again make their own T shirts, Barbie dolls, car parts, steel, cable, etc.

End of comments.

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