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Developed countries meet USD 100 billion climate finance target for first time, claims a report


Nepalnews
2024 May 30, 7:09,
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At a time when the least developed and the developing countries have been pressing for the developed countries to meet the target of climate finance- 100 billion US dollars every year as per their commitment, a report released on Wednesday claimed that the developed countries already met the target for the first time in 2022.

The report released by the Organisation for Economic Cooperation and Development (OECD) made such a claim. The report named, 'Climate Finance Provided and Mobilised by Developed Countries in 2013-2022', said, "In 2022, developed countries provided and mobilised a total of USD 115.9 billion in climate finance for developing countries, thereby reaching their collective annual goal of mobilizing USD 100 billion for climate action in developing countries for the first time."

The document has further argued the climate financing was realized two years after the initial target year, 2020 and a year before the extended time, 2025. 

The issue of non-compliance of 100 billion US dollars by the developed countries had resounded the COP26. The UK had hosted the COP26 (UN Climate Change Conference of the Parties) at Glasgow city from October 31 to November 13 in 2021.

As the missing of deadline by the developed countries for climate finance was raised as a pressing issue in the global climate forums, the developed countries later made a collective commitment of mobilizing the USD 100 billion by 2025 in a Bonn conference in June 2023. 

The report has mentioned Nepal under the 'developing countries', referring to the countries incorporated in the 2018 Development Assistance Committee (DAC) list of Official Development Assistance (ODA) recipients for development finance.

The developed countries provided and mobilized USD 115.9 billion to the developing countries in 2022, as per the OECD report.

Concern over report

As soon as the OECD made public the report, comments on it have also surfaced. A staunch observer of the international development on climate change issues, Harjeet Singh, has expressed concern- an unclear and insufficient process of climate finance to the developing countries. 

In response, Singh, who is also the Strategic Advisor to the Global Partnerships to the Fossil Fuel Non-Proliferation Treaty Initiative, observed, "While developed countries claim to meet the target of providing $100 billion annually in climate finance to developing nations, the process is riddled with ambiguity and inadequacies."

He also questioned why much of the financing scheme was a loan. "Much of the funding is repackaged as loans rather than grants and is often intertwined with existing aid, blurring the lines of true financial assistance," Singh argued.

Singh also wondered if it would be a real support to the needy ones because the cost of climate actions was snowballing of late. “It's not just about the numbers; it's about integrity and genuine support. As we stand today, the financial needs of developing countries for transitioning away from fossil fuels and dealing with climate impacts have skyrocketed into the trillions," he underscored.

Singh made X posts in response to the OECD released report: “This isn't the time for creative accounting or fiscal loopholes. Rich countries urgently need to step up, clear these smokescreens, and deliver real, substantial financial support. The clock is ticking, and our actions now will determine the fate of countless lives and ecosystems that depend on this support." Kathmandu, May 29: At a time when the least developed and the developing countries have been pressing for the developed countries to meet the target of climate finance- 100 billion US dollars every year as per their commitment, a report released on Wednesday claimed that the developed countries already met the target for the first time in 2022.

The report released by the Organisation for Economic Cooperation and Development (OECD) made such a claim. The report named, 'Climate Finance Provided and Mobilised by Developed Countries in 2013-2022', said, "In 2022, developed countries provided and mobilised a total of USD 115.9 billion in climate finance for developing countries, thereby reaching their collective annual goal of mobilizing USD 100 billion for climate action in developing countries for the first time."

The document has further argued the climate financing was realized two years after the initial target year, 2020 and a year before the extended time, 2025.

The issue of non-compliance of 100 billion US dollars by the developed countries had resounded the COP26. The UK had hosted the COP26 (UN Climate Change Conference of the Parties) at Glasgow city from October 31 to November 13 in 2021.

As the missing of deadline by the developed countries for climate finance was raised as a pressing issue in the global climate forums, the developed countries later made a collective commitment of mobilizing the USD 100 billion by 2025 in a Bonn conference in June 2023.

The report has mentioned Nepal under the 'developing countries', referring to the countries incorporated in the 2018 Development Assistance Committee (DAC) list of Official Development Assistance (ODA) recipients for development finance.

The developed countries provided and mobilized USD 115.9 billion to the developing countries in 2022, as per the OECD report.

Concern over report

As soon as the OECD made public the report, comments on it have also surfaced. A staunch observer of the international development on climate change issues, Harjeet Singh, has expressed concern- an unclear and insufficient process of climate finance to the developing countries.

In response, Singh, who is also the Strategic Advisor to the Global Partnerships to the Fossil Fuel Non-Proliferation Treaty Initiative, observed, "While developed countries claim to meet the target of providing $100 billion annually in climate finance to developing nations, the process is riddled with ambiguity and inadequacies."

He also questioned why much of the financing scheme was a loan. "Much of the funding is repackaged as loans rather than grants and is often intertwined with existing aid, blurring the lines of true financial assistance," Singh argued.

Singh also wondered if it would be a real support to the needy ones because the cost of climate actions was snowballing of late. “It's not just about the numbers; it's about integrity and genuine support. As we stand today, the financial needs of developing countries for transitioning away from fossil fuels and dealing with climate impacts have skyrocketed into the trillions," he underscored.

Singh made X posts in response to the OECD released report: “This isn't the time for creative accounting or fiscal loopholes. Rich countries urgently need to step up, clear these smokescreens, and deliver real, substantial financial support. The clock is ticking, and our actions now will determine the fate of countless lives and ecosystems that depend on this support."


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