The OECD reports that that rich countries and businesses have provided close to two-thirds of the financial assistance pledged to poorer nations as part of the global climate change negotiations, ahead of the Paris conference this December.
Developing countries were told six years ago, at the last landmark climate conference in Copenhagen, that at least USD 100 billion-a-year would be provided as “climate finance” by 2020 – to help them cut greenhouse gas emissions and cope with the effects of global warming.
The OECD reports climate finance from rich to poor countries stood at USD 62 billion in 2014, up from USD 52bn in 2013 and making an average of USD 57 billion annually over the 2013-14 period.
This is good news for the Paris negotiations as several larger developing countries have made it clear they will not up to a deal in Paris unless there is clear evidence that the previous pledge is being met.
It is still not clear how the US will contribute, but China has recently promised USD 3.1 billion. Nevertheless, the hope is that the progress made with the climate fund is sufficient to help make the Paris negotiations a success.