The climate fund is filling up

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.

Scatec-SolarDeveloping 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.

Advertisements

Post a Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: