MANILA, October 27, 2021 — Developed countries are projected to raise USD 100 billion in climate finance annually in 2023, three years later than pledged, according to a report released by the United Kingdom days before the United Nations climate summit is set to begin this Sunday.
Rich countries pledged back in 2009 to raise USD 100 billion in climate finance annually from 2020 to 2025. A climate finance delivery plan was led by Germany and Canada and published last Monday by the UK, host of this year’s COP26 summit in Glasgow, Scotland, showing that this longstanding goal will only be likely met in two years, undermining the upcoming talks.
Reacting to this development, Denise Fontanilla, associate for policy advocacy of the Manila-based Institute for Climate and Sustainable Cities, said:
“Rich countries have moved the goalposts even further for vulnerable countries such as the Philippines, and this sets aflame whatever fabric of trust they have been seeking to weave in order to uphold the Paris Agreement. The continued refusal to do the bare minimum threatens to be the undoing of COP26 and failure will be laid squarely on the doorstep of developed nations.
“The UN issued a code red for humanity only months ago. There is still time for developed countries to rise to the occasion and scramble to commit their fair share of finance and mitigation ambition during this weekend’s G20 summit. Finance delivered at the right scale, timeline and modality is a prerequisite to the climate emergency pact the world expects in Glasgow. Instead of flailing with a quiver full of excuses, they need to bring a delivery plan that fulfills rich country promises. That means a climate emergency pact defined by drastic cuts in developed country emissions that reflect their fair share of climate action and USD 100 billion annually covering 2020-2024, with 2025 funding levels going above this yearly pledge.
“We expect Finance Secretary Carlos Dominguez, who will head the Philippine delegation to COP26, to echo the public clamor for climate justice in partnership with other members of the Climate Vulnerable Forum and the rest of the developing world.”
NOTE TO THE EDITOR
Denise Fontanilla will be attending the UN climate summit in Glasgow and will be available for media inquiries.
AC Dimatatac, ICSC: firstname.lastname@example.org, +63 998 546 9788, +63 917 149 5649
Denise Fontanilla, ICSC: email@example.com, +63 917 851 4890
Photo lifted from the Downing Street Flickr account.