G7 nations have no ‘plan’ to deliver on climate finance pledges

IANS

Rich countries’ latest climate finance plans still fall short of the $100 billion target they committed to in 2009 and contain a woeful lack of detail, predictability or clarity regarding delivery and timeline for future funds, international humanitarian organisation CARE said on Thursday.

Responding to CARE analysis, Mohamed Adow, Director of African think tank Power Shift Africa, said: “These findings are appalling. The UN process, and any reasonable negotiation, only works if one side can trust the other to do what is agreed and what is promised.

“Richer countries promised $100bn by 2020 and yet they have simply decided not to meet this obligation. It has been under these expectations that poorer nations have continued to collaborate in good faith, working to plot a development path without fossil fuels. Often they’ve raised concerns that rich nations don’t appear to be making finance a priority and every time those rich countries tell them not to worry, it will be there. And now we find that they will miss the target and have no plans to actually meet it.”

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Investing just 0.1% of global GDP every year could avoid the breakdown of natural ecosystem 'services' such as clean water, food and flood management. #ClimateFinance
https://www.theguardian.com/environment/2021/may/27/nature-financial-value-investing-global-gdp-avoid-breakdown-ecosystems-un-report-aoe

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