Rich countries may have met $100 bln climate goal last year -OECD

Subject :Environment

Section: Climate change

Context:

Developed nations may have achieved their overdue promise of $100 billion to help poorer countries cope with climate change in 2022, the OECD said.

Details:

In 2009 at the Copenhagen conference of UNFCCC, developed countries promised that from 2020 they would transfer $100 billion a year to poorer nations hit by worsening climate change-fuelled disasters.
Rich countries had previously signalled the target would not be met until 2023. The target was not met in 2021. That year, wealthy nations provided $89.6 billion, an 8% increase from 2020 levels.
- Most of the 2021 money – $73 billion – was public finance and, of this, more than two thirds was loans.
The OECD said poor nations’ actual climate investment needs could total $1 trillion per year by 2025.

What is the USD 100 Billion Target and why does it matter?

In 2009, at the UNFCCC COP15 (held in Copenhagen),
- The developed country parties, to achieve meaningful mitigation actions and transparency on implementation, jointly set a target of USD 100 billion a year by 2020 to address the needs of developing countries.
The climate finance goal was then formally recognized by the UNFCCC Conference of the Parties at COP16 in Cancun.
At COP21 in Paris, Parties extended the $100 billion goals through 2025.
After COP26 there was a consensus that developed nations will double their collective provision of adaptation finance from 2019 levels by 2025, in order to achieve this balance between adaptation and mitigation.
Parties established the Green Climate Fund (GCF) at COP 16 in 2010 and designated it as an operating entity of the financial mechanism in 2011.

Source of this article: Reuters