2 NOVEMBER 2021 - LESLIE HOOK - JOANNA S KAO
In 2009, rich nations promised they would send at least $100bn a year in climate finance to poorer countries by 2020. That understanding formed the basis of the 2015 Paris climate accord, which aims to limit global warming to well below 2C, ideally 1.5C.
“Suddenly you had this really emblematic ‘$100bn’ — where, unless you work this out, it is difficult to have the global agreement [at COP],” recalls Josué Tanaka, who helped launch the climate finance unit at the European Bank for Reconstruction and Development. “It became the signal, the base of trust, between developed and developing countries.”
But last week, on the eve of COP26, donor countries admitted they missed that target in 2020. Now they expect to reach it in 2022 or 2023, years later than planned.
Everyone agrees there should be more money for climate finance. But that is where the consensus ends.