18 October 2016

$100bn for climate finance in developing countries

Developed countries have reiterated their promise to finance climate change in developing countries worth up to $100bn per year.

The pledge, to help with the funding of climate adaptation for developing countries, was part of the Paris Agreement, and $62bn were given in 2014 – up from $52bn – for climate mitigation.

Developed nations said in a report compiled by Australia and Britain: "We are confident we will meet the $100 billion goal from a variety of sources, and reaffirm our commitment to doing so."

Thanks to the recent ratification of the EU, the Paris Agreement will enter into force on 4 November, just in time for COP22.

New funds were committed by more than 30 countries last year, including the US, France, Germany, Canada, Japan and Australia.

Already $67bn should be provided in 2020 by the public sector alone, according to the Organisation for Economic Cooperation and Development (OECD) in the report released yesterday.

The report also says that the increasing finance from public sector could encourage private sector to commit up the necessary remaining $33bn by 2020, achieving the 100bn.

The release of the report yesterday was welcomed, only one day after the agreement reached in Rwanda on emissions form air conditioning and refrigerants.

Alison Doig of Christian Aid said: "We need to start seeing concrete examples of this impact, not just numbers on spread sheets."

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