Climate: the objective of 100 billion dollars for the countries of the South achievable in 2023

This is information on climate finance for which we can have two opposing readings. A negative, with the confirmation that the developed countries have not honored their promise to mobilize 100 billion dollars per year (about 86 billion euros), from 2020, to help developing countries to cope with climate change. Another positive, because they should achieve it in 2023 and that this goal will be exceeded in 2024 and 2025. Despite the three years delay, the sum of 100 billion could be reached on average between 2021 and 2025.

These projections come from a report published by the UK Presidency of COP26, Monday 25 October, six days before the launch of the UN climate conference in Glasgow (Scotland), which is proving crucial to accelerate the fight against climate change. “I hope this report will restore confidence and create momentum”, said Alok Sharma, UK President of COP26.

“Nothing to do with generosity”

The subject of climate finance is one of the crucial points on the agenda of the climate conference, and an explosive subject. In recent months, frustration has grown steadily among the countries of the South, faced with countries of the North who fail to keep a commitment made twelve years ago, in 2009.

Read also the archive (2009): Copenhagen, the five points of contention

This goal, partly included in the 2015 Paris Agreement, which extends it over the period 2020-2025, has become the basis of trust between States and one of the engines of climate action. It reflects questions of equity, while developing countries are at the forefront of global warming for which they are not historically responsible. “Climate finance from North to South has nothing to do with generosity, it is an integral and essential part of a global policy”, points out the German Secretary of State for the Environment, Jochen Flasbarth.

In 2019, states totaled just $ 79.6 billion, according to the Organization for Economic Co-operation and Development (OECD), due to a drop in bilateral public funding and private funding. If the data for 2020 will not be known until 2022, “The goal was almost certainly missed”, conceded Alok Sharma. It will also not be reached in 2021 and 2022.

Alok Sharma had mandated, in July, Germany and Canada to work on a roadmap on the means to reach 100 billion. The two countries, assisted by the OECD, have identified new financial commitments from developed countries, as well as those from multilateral development banks. These last weeks, several nations have put their hands in their pockets, such as the United States, New Zealand, the European Union or Canada. The COP26 presidency is still awaiting announcements by the end of the year.

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Climate: the objective of 100 billion dollars for the countries of the South achievable in 2023