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Updated April 23rd, 2021 at 07:25 IST

Germany Chancellor to spend $4bn on developing nations to help them meet 'emission goals'

Merkel said that her country will spend $4 billion on developing countries by 2022 in financial aid to help them counteract climate change.

Reported by: Zaini Majeed
Germany
(Image Credit: AP/Unsplash) | Image:self
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At US President Joe Biden’s virtual climate summit 2021, attended by 40 world leaders, German Chancellor Angela Merkel pledged to increase support for the developing nations to reach their climate goals and meet their emission targets. At a live-streamed event, Merkel said that her country will spend USD 4 billion on least developed countries by 2022 in financial aid to help them counteract climate change and adapt to its consequences. In what Merkel had earlier called “pitching-in” to achieve the ambitious, comprehensive goal of decarbonizing the economies, Germany, as an industrialized nation, had mobilized nearly $100 billion funding by 2020, with a follow-up an extension to the very least 2025. 

“Now, Germany has doubled its financing by 2022 by USD 4 billion per year and we are going to continue to contribute our fair share to this," the chancellor said, adding that she was ramping up protection for global marine resources and lands by up to 30 percent to conserve the biodiversity.

Merkel told the LIVE streamed conference that the world's commitment to tackling the climate crisis “is a herculean task because this is nothing short of a complete transformation, a complete change of the way we do business, the way we work.”  She reiterated Germany’s goal of achieving 55 percent fewer emissions by 2030 compared to 1990, adding that her country had already dipped the emission by 40 percent, and aims to be climate neutral by 2050. 

"I'm delighted to see that the US is back to work together with us in climate politics because there can be no doubt about the world needing your contribution if we really want to fulfill our ambitious goals," said German Chancellor Angela Merkel.

Merkel lauds US' climate goals

Also known as the "Climate Chancellor" for her long-standing international commitments for emissions cut, Merkel welcomed US President Joe Biden’s initiative and his country’s goal of cutting carbon footprint by 52 percent by 2020. ''The national contribution of the United States for 2030 is a clear illustration of your ambitions and is a very clear and important message to the international community,” Merkel said at the virtual summit. She also appreciated Biden’s move of rejoining the Paris agreement. ''I am delighted to see that the United States is back — is back to work together with us in climate politics because there can be in no doubt about the world needing your contribution if we really want to fulfill our ambitious goals," Merkel told the world leaders. 

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Published April 23rd, 2021 at 07:25 IST

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