It was revealed. The US and the UK are billions of dollars short of their ‘fair share’ of climate finance. Climate Finance

It was revealed. The US and the UK are billions of dollars short of their ‘fair share’ of climate finance. Climate Finance

The US, UK, Canada and Australia are billions of dollars short of their “fair share” of climate finance for developing countries, an analysis shows.

It assessment, by Carbon Briefcompares the share of international climate finance provided by rich countries to their share of carbon emissions to date, a measure of their responsibility for the climate crisis.

Rich countries have pledged to provide $100 billion a year by 2020, though that goal has not been met. Its U.S. share, based on its past emissions, would be $40 billion, but it provided just $7.6 billion in 2020, the latest year for which data is available. Australia and Canada provided only about a third of the funding identified in the analysis, while the UK provided three quarters, but still fell short by $1.4 billion.

Climate finance will be critical to progress Policeman 27:00 the summit, which began on Sunday in Egypt. Developing countries did little to address the climate emergency, making funding from rich countries vital to building the confidence needed for joint global action. Rich countries acknowledge that vulnerable countries face a “life or death situation” and need more than $100 billion, but delivery of the money has been controversial and slow.

$100 billion was earmarked to support carbon reduction and community adaptation efforts more and more extreme weather due to global warming. However, A series of reports last week showed how close the planet is to climate reliable way [of carbon cuts] in place to 1.5C”, the internationally agreed temperature limit to avoid the worst of the climate crisis.

investment graphics

UN Secretary General on adaptation financing. Antonio Guterres said Thursday“We need a global increase in adaptation investment to save millions of lives from climate carnage.” However, some climate impacts are too severe to adapt to, and vulnerable countries at Cop27 will demand progress on “loss and damage” financing to rebuild after disasters. Rich countries have previously rejected such applications, fearing unlimited liability.

The new analysis includes: 24 “Annex II” countries which account for 40% of historical emissions and are required to provide climate finance under the UN climate treaty, including all major G7 economies. It shows that some countries gave more than the $100 billion share their past emissions showed.

Switzerland’s funding was more than four times that, and France’s and Norway’s was three times that. Japan, one of the largest providers of financing, provided $13 billion, which is more than double the stated amount. However, funding from Japan and France was mainly in the form of loans, while funding from the US, Canada, Australia and the UK was mainly in the form of grants. Grants are strongly preferred by developing countries, which are often already highly indebted.

Mohamed NasheedThe former president of the Maldives said. “Basic justice requires that those most responsible for causing the climate crisis must financially support those most affected on the front lines of climate change. Every year we see the storms get stronger and the waves get higher.”

grants v loans

“Our analysis of the V20 group of most climate-vulnerable countries shows that our countries have already suffered $500 billion in climate damage,” Nasheed told the Guardian.

“We are currently facing a debt crisis as many of the assets we borrowed to pay for are being destroyed by climate change. Ease the debt burden and we can all do our part.” V20 represents 1.5 billion people in 58 vulnerable countries.

Eddie Perez, director of Climate Action Network Canada, said: “Canada, USA and Australia have accumulated huge debt to developing countries. This is an absolute scandal. Not only have these rich polluters contributed very little to climate finance, they are also partly responsible for increasing international fossil fuel financing.”

Nafkote Dabi, head of climate change policy at Oxfam International, says: “This new analysis shows that rich countries continue to fall short of their long-term pledge of $100 billion a year. The failure becomes even more glaring when you consider that $100 billion is a pittance compared to what is required to solve the climate crisis.

“Rich countries are largely responsible for the climate crisis. they must be held accountable for delivering their fair share of climate finance.”

a $100 billion delivery progress report issued ahead of Cop27 by the governments of Germany and Canada. “It is clear that the global investment needed to respond to the threat of climate change is much more than $100 billion, and that we must turn our attention to setting an effective climate finance target after 2025,” said Germany’s Special Representative for International Climate Affairs : action, Jennifer Morgan and Canada’s Minister of Climate Change, Stephen Guilbeau, foreword.

“There is no doubt that the needs are enormous and that preventing, minimizing and addressing loss and damage for the most vulnerable countries is not an option, it is a life-or-death situation,” they say.

The progress report showed that only five countries – Japan, Italy, the Netherlands, Norway and Sweden – have increased their funding pledges since 2021. Policeman 26:00 Chairman Alok Sharma, who commissioned the report, said trillions of dollars would be needed in total.

Responding to the analysis, a spokesperson for the Canadian government said: “Canada remains committed to working with others to reach the $100 billion target as soon as possible and by 2025. Canada recognizes the urgency of increasing climate finance. . That’s why Canada doubling its international climate funding to $5.3 billion over five years beginning in 2021.”

The US, UK and Australian governments did not respond to requests for comment. The UK government has recently come under fire Not disbursing $300 million in promised climate funds Before Cop27.

“As always from now on [UN] the process started in 1992 in Rio, the most important factor in the implementation of climate promises is finance,” said Alden Meyer of the E3G think tank.

Rachel Simon, at Climate Action Network Europe, said: We will hold governments to account at Cop27 to make sure they get on the right track. The money is there, it’s a matter of political will.”

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