Rich countries won’t meet 2023 climate finance target for developing nations: report

Posted October 25, 2021 9:23 am.

Last Updated October 25, 2021 9:25 am.

The goal of having rich nations send $100 billion annually to poorer countries to help them battle climate change won’t be met for another couple of years, according to a new report prepared by Canada and Germany.

This report comes ahead of the COP26 UN Climate Change Conference, which is set to be held between Oct. 31 and Nov. 12.

The financial goal, which developed countries agreed to in 2009, was supposed to be met in 2020. But Canada Environment Minister Jonathan Wilkinson says it became clear the target would be missed, according to some Organisation for Economic Co-operation and Development (OECD) reports.

“Certainly there was disappointment at that point in time, and I think there was also fear that that goal would not be achieved within a relevant timeframe,” he said.

In 2009, developed countries agreed to mobilize $100 billion in climate finance to developing countries per year by 2020. While we're still awaiting official numbers it's unlikely we hit that goal.
Today Canada & Germany announced the goal is expected to be met for 2023 #cdnpoli

— Cormac Mac Sweeney (@cmaconthehill) October 25, 2021

However, Wilkinson says after being tasked by the president of COP26 to provide an update, this report shows richer nations will likely hit the target by 2023, and could exceed that number for the following two years.

He believes this updated target should help rebuild trust as countries look to more ambitious goals ahead of the conference.

“This goal will be achieved, and in fact it will be over achieved in 2024 and 2025,” Wilkinson explained. “I think that’s very good news.”

The government notes additional pledges from some developed countries may be coming this year, but were not ready to be included in the Delivery Plan report put together by Canada and Germany. If all goes to plan, these new promises could further increase the planned commitments outlined in the report.

Many developing nations have been growing frustrated that developed countries have not been meeting their financial targets. A number of them had signed on to the Paris Agreement with the understanding they would be getting help. There may be friction as leaders head to Scotland, where they will be asked to make further cut to emissions.

“We can and must do more to get finance flowing to developing nations. So in the lead up to COP26, it’s vital we see further pledges from the donor community and action on key priorities such as access to finance and funding for adaptation,” COP26 President-Designate Alok Sharma said Monday.

While Wilkinson has put a more positive spin on the updated plan, some are still unimpressed.

“It’s a failed attempt to provide hope on climate finance,” said Eddy Perez, international climate diplomacy manager, Climate Action Network.

Dale Marshall, the national program manager at Environment Defence, says Canada will need to step up at this upcoming conference.

“To do our fair share in terms of assisting developing countries in their efforts to stop the public financing of fossil fuels,” he said.

Prime Minister Justin Trudeau will be attending the conference for two days next week.

Prime Minister's Office announces @JustinTrudeau will travel to the Netherlands for a bilateral meeting Oct 29, then Rome Oct 30 & 31 for the G20 Leader's Summit, and then Glasgow for the COP26 Climate Conference Nov 1 & 2. #cdnpoli

— Cormac Mac Sweeney (@cmaconthehill) October 25, 2021