Rich countries have broken their climate finance pledge, says OECD – POLITICO

Rich countries have broken their key climate promise to developing countries, the Organization for Economic Co-operation and Development confirmed on Friday.

In 2009, high-income countries pledged to provide $100 billion a year by 2020 to help poorer countries reduce emissions and prepare for the effects of global warming.

An OECD report on Friday found they fell short by nearly $17 billion in magnitude in the boundary year, corroborating last year’s estimates. Donor countries are not expected to reach the $100 billion target until 2023.

Failure to meet the $100 billion pledge has heightened tensions between high-emitting developed countries and developing countries. Reach the goal next year”is key to building trust as we continue to deepen our multilateral response to climate change,” said OECD Secretary-General Mathias Cormann.

According to the OECD, $83.3 billion was mobilized in 2020, compared to $80.4 billion in 2019 and $79.9 billion in 2018. Most of this money comes in the form of loans.

The amount earmarked for emission reduction measures has increased from $51.4 billion in 2019 to $48.6 billion in 2020.

At the same time, funding for measures to help developing countries adapt to a warmer world has increased significantly, from $20.3 billion in 2019 to $28.6 billion in 2020.