Wealthier nations, who are historically more responsible for climate change, are failing to meet the international climate funding obligations they agreed on in Copenhagen in 2009, read a new report on “Fair Share” by ODI and Zurich Flood Resilience Alliance.
A target of providing $100 billion a year in climate finance – agreed by developed nations– has now been missed for the 11th year in a row.
The report was released following the G20 leaders’ summit in Delhi, held over the weekend, where the G20 countries once again said that they will meet the $100 billion goal in 2023.
However, only eight developed countries out of 23 currently pay their fair share of climate finance, with the USA, Spain, and Australia continuing to fall hugely short.
The shortfall in climate finance exposes vulnerable countries like Bangladesh and communities to escalating climate impacts and is a total failure of responsibility.
The ODI report shows, that despite needs amounting to an estimated $4 trillion by 2030 to keep to a 1.5°C trajectory, the $100 billion target has been missed every year to date.
In 2020, the target should have been reached; provision and mobilization amounted to $ 83.3 billion. Cumulatively over 2011–2020, the climate finance gap totals $409.8 billion.
Dr Saleemul Huq, Director, of the International Centre for Climate Change and Development said "Despite impassioned pleas from developing nations, including Bangladesh, and the resounding call for developed countries to honour the $100 billion financing target, these pleas have fallen on deaf ears”
It is disheartening that, even 11 years down the line, countries such as the US, among others, have yet to fulfil their responsibility, he added.
The report finds that, for climate finance in 2021 ($100 billion annual target), the USA provided $9 billion in 2021; just 21 per cent of its fair share. If the USA were to meet its shortfall it would need to provide an additional $34 billion per year.
The eight developed countries - Norway, France, Sweden, Denmark, Germany, Switzerland, Luxembourg, and the Netherlands – met their fair share towards the annual $100 billion target.
