Developed Nations Meet $100 Billion Climate Finance Goal in 2022

Developed countries reached their 2009 Copenhagen promise of mobilizing USD 100 billion annually for climate action in developing nations by 2022, according to the OECD. This milestone, though achieved late, is a critical step in reducing CO2 emissions and fostering trust between developed and developing countries.

PTI | New Delhi | Updated: 29-05-2024 22:51 IST | Created: 29-05-2024 22:51 IST
Developed Nations Meet $100 Billion Climate Finance Goal in 2022
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Developed countries met their long-standing promise of mobilizing USD 100 billion a year to help developing countries mitigate and adapt to climate change in 2022, according to the latest data published by the Organisation for Economic Co-operation and Development (OECD) on Wednesday.

This promise was made in Copenhagen in 2009 and was supposed to be met by 2020. Delays in achieving the USD 100 billion goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations.

Developing nations argue they cannot be expected to reduce CO2 emissions faster if developed countries - historically responsible for climate change - do not provide enhanced financial support.

According to the OECD, developed countries provided USD 115.9 billion in climate finance to developing countries in 2022.

The data showed that public climate finance (bilateral and multilateral funds attributable to developed countries) accounted for close to 80 percent of the total, with USD 91.6 billion provided in 2022. However, 69 percent, or USD 63.6 billion, was provided in the form of loans.

An agreement on the New Collective Quantified Goal (NCQG), or a new climate finance goal, will be a key issue at the United Nations climate conference (COP29) in Baku.

The NCQG is the new amount developed countries must mobilize every year from 2025 onwards to support climate action in developing countries. Developing countries, including India, are calling for USD 1 trillion a year to support their climate plans.

COP29 president-designate Muktar Babayev said earlier this year that negotiations on the new climate finance goal at the next UN climate conference in Azerbaijan will be an opportunity to unlock funds and rebuild trust between the parties.

He said that many are losing trust in the UNFCCC process due to the ''growing gap between their needs and what's available'' and urged all to work tirelessly to mobilize resources.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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