Rich nations failing to meet climate funding goal: OECD

Rich countries are making little progress towards meeting their pledge to provide annual climate change mitigation funds, the Organization for Economic Co-operation and Development (OECD) said on Friday.

Developing countries bear the brunt of the climate crisis but only received $79.6 billion of the pledged $100 billion (€84.9 billion) in 2019, according to an OECD report.

That represents an increase of less than two percent on the previous year.

“The limited progress in overall climate finance volumes between 2018 and 2019 is disappointing, particularly ahead of COP26 (the UN climate summit in November),” OECD Secretary-General Mathias Cormann said.

What is being done to raise climate funds?

According to the OECD, Germany and Canada are moving forward a plan to mobilize the additional finance required to reach the $100 billion annual goal.

Without promised support, many vulnerable poorer nations say they cannot take more action to cut emissions or deal with the impacts of a warmer world.

The international community committed to providing the annual funds during a 2009 UN climate summit in Copenhagen. The $100 billion is sourced from both public and private sources.

What is the outlook?

The 2019 figure is the most recent made available to date. Data from the following year will be made available in 2022.

“While appropriately verified data for 2020 will not be available until early next year, it is clear that that climate finance will remain well short of its target,” Cormann said.

Although the effect of the COVID-19 pandemic is still unknown, “more needs to be done. We know that donor countries recognize this,” Cormann added.

The EU committed to increased climate funding for developing countries this week. The topic is expected to be high on the agenda at Novermber’s climate summit in Glasgow.

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