In a belated but noteworthy accomplishment, data released on Thursday reveals that affluent nations have fulfilled their longstanding promise to contribute $100 billion annually in climate finance to assist developing countries. The commitment, initiated at the 2009 Copenhagen climate summit, encountered delays, ultimately reaching fruition two years past the 2020 deadline. According to the Organisation for Economic Co-operation and Development (OECD), approximately $89.6 billion was allocated to developing nations in 2021, with expectations that the sum surpassed $100 billion in 2022 based on preliminary OECD data.
Despite the delayed achievement, the report suggests that the amount disbursed in the ongoing year is likely to exceed $100 billion, marking a significant milestone ahead of the Cop28 UN climate talks commencing in Dubai in two weeks. This accomplishment provides a degree of reassurance to the international community and addresses tensions that have persisted during global climate discussions, wherein developing nations criticized wealthier counterparts for perceived unreliability.
The $100 billion commitment, designed to aid impoverished nations in mitigating greenhouse gas emissions and adapting to climate change impacts, gained renewed significance as the effects and urgency of the climate crisis escalated. While a step forward, the sum falls short of the estimated $2 trillion annually by 2030, as identified by economist Nicholas Stern, to facilitate the transition to low-carbon economies and address climate-related challenges.
Acknowledging the achievement, countries are now urged to shift their focus towards mobilizing significantly larger sums to effectively address the escalating climate crisis. The trillions required are expected to predominantly come from the private sector, necessitating a redirection of current investments away from high-carbon infrastructure towards low-carbon solutions. In light of the fulfilled promise, discussions at Cop28 are anticipated to emphasize the imperative for donor countries to meet past commitments and replenish climate funds, thereby fostering renewed trust and ambition in addressing the global climate challenge.
