A ‘signal of confidence’ to developing countries needs $ 100 billion climate finance plan – German state sec


Developed countries must develop a plan to deliver on their pledge to mobilize $ 100 billion a year in climate finance for developing countries ahead of the UN climate change conference COP26 in Glasgow in November, said Jochen Flasbarth, secretary of State to the German Ministry of the Environment. .

“We want to send a clear signal to developing countries which will strengthen their confidence in our commitments,” said Flasbarth in an interview with Evangelischer Pressedienst (epd). Negotiations in Glasgow included trading in CO2 certificates and transparency rules for climate action. “These talks should not be allowed to stagnate as they are under the weight of an unfulfilled commitment,” Flasbarth said.

At the United Nations COP15 climate change conference in Copenhagen in 2009, developed countries pledged to mobilize $ 100 billion per year by 2020 for climate action in developing countries, from public sources and private. The objective was formalized at COP16 in Cancun, and at COP21 in Paris, it was reiterated and extended until 2025.

However, figures recently released by the Organization for Economic Co-operation and Development (OECD) showed that climate finance for developing countries in 2019 was around $ 80 billion. It is clear that support for 2020 will remain well below the target, but properly verified data for this year will not be available until early 2022, the OECD said. An analysis by the NGO Oxfam had said that with current commitments and plans, developed countries would not even reach $ 100 billion by 2025.

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