Climate finance delivery plan to make road to Glasgow difficult, civil society groups call delay a serious betrayal of faith

NEW DELHI: As announced on Monday, the delayed delivery of climate finance from developed countries could further widen the trust gap between developing countries and rich countries when they come together in Glasgow for the United Nations climate meeting (COP26) next week to finalize the unfinished agenda of the Paris Agreement.
Although rich countries still have the chance to redeem themselves at the G20 summit in Rome this weekend with concrete and reliable pledges on the table, their plan to finance the achievement of the goal of mobilizing $ 100 billion per year only in 2023, instead of the earlier 2020 deadline, will give developing countries a clear basis not to meet the 2050 “net zero” target, as they would need immediate financial support to improve climate actions.
Referring to the projection of pledges made by rich countries as of October 20, the financing plan noted that developed countries will make significant progress towards the goal of $ 100 billion in 2022 and express confidence that it will be met. in 2023.
“This plan is a deal breaker for Glasgow. Not only have developed countries moved the goal post, but they have also given a fanciful plan on how they will deliver $ 100 billion a year, ”said Chandra Bhushan, climate change expert and CEO of the iFOREST environmental organization based in Delhi.
“Since the target was established in 2009, developed countries have significantly increased their support to developing countries. However, in recent months we have heard growing concerns that the target of US $ 100 billion has not been met by 2020. We share the disappointment on this, ”the Minister’s joint statement said. from Environment and Climate Change Canada Jonathan Wilkinson and Germany. State Secretary of the Federal Ministry of the Environment Jochen Flasbarth.
Aware of the concerns of developing countries about the non-execution of climate finance by rich countries, the president-designate of COP26, Alok Sharma, had asked in July the two of them to co-lead the process of developing ” a climate finance plan demonstrating how and when developed countries will meet. the goal of $ 100 billion.
“The new plan is essentially a reiteration of what the OECD said earlier in 2016 and does not reveal the real roadmap beyond a theoretical promise. The results of real flows are hardly reassuring. The Green Climate Fund (GCF) remains extremely underfunded and the focus remains on mobilizing private capital, ”said RR Rashmi, former special secretary of the Ministry of the Environment and climate change negotiator.
Noting the importance of private finance, however, he said: “Although private or multilateral finance has a role, we must recognize that it does nothing to reduce the cost of capital which is the key issue for developing countries. in terms of predictability, cost and scale of climate finance.
Referring to climate finance data for 2019, Bhushan said: “It is clear that what counts as climate finance is largely loans. The public subsidy is less than 20%. In fact, the government subsidy in 2019 was only $ 16.7 billion. This works out to $ 1 per person per month in developed countries.
Stressing how the climate finance plan is “extremely inadequate”, he said, “developed countries will have to increase it considerably to meet the real needs of developing countries”.
Civil society groups have also reacted quite strongly against the funding plan, saying the three-year delay is a serious betrayal of faith and signals the lack of solidarity and trust to ensure funding reaches developing countries. even as climate impacts intensify.
In an open letter to COP26 President-designate Alok Sharma, the Climate Action Network (AN), supported by more than 300 civil society groups and coalitions, demanded that funding for loss and damage (the inevitable climate impacts of decades of warming) is provided to COP26. .
“Just days before the summit, the rich countries indicated that they would break their obligations to deliver the 100 billion dollars a year so promised by 2020, the delivery being now postponed to 2023 … The discussion at COP26 must focus on how this deficit will be bridged over the next few years and a post-2025 climate finance target that will generate billions in finance, “CAN said in a statement.

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