At COP27, one of the most important dossiers will be climate finance
(Sustainabilityenvironment.com) – 83.3 billion dollars. It is the amount actually paid out by rich countries in 2020 in climate finance, purified by the only promised figures. It is still far from the target of 100 billion that was set in 2009. This is certified by the Organization for Economic Cooperation and Development (OECD), which stresses: “We must do more“.
The failure of the 2020 climate finance targets is nothing new. At the COP26 in Glasgow last November, the gap between promises and disbursed money was already clear. Every attempt to fill this gap in the days of the climate summit had failed. The sum of all the promises had not gone beyond 90-95 billion. Italy had also multiplied its efforts, increasing its share from 460 million to 1 billion a year.
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Now, all eyes are on the COP27 in Sharm el-Sheikh. At the appointment in Egypt there will be no more excuses. Rich countries last year promised to reach the fateful 100 by 2023. But the data released by the OECD will also be used by delegates to make the point on how to set up support for the transition and adaptation of the poorest countries and vulnerable to climate change. The theme of climate finance is intertwined with that of losses and damage (Loss & Damage), one of the hottest dossiers on the table of COP27.
“Developed countries need to continue to ramp up their efforts in line with their stated commitments in the lead-up to COP26, which would mean the USD 100 billion goal would be reached from next year. This is critical to building trust as we continue to deepen our multilateral response to climate change“, the OECD reports.