COP26 Ministers say $100bn target to help poorer nations attainable by 2023

At least a decade-old target for rich nations of contributing $100 billion each year to help the poorer nations tackle climate change should be attainable in 2023, said the ministers before the United Nations Climate Change Conference or COP26 summit. However, experts have said that it was “shameful” that the developed nations were not doing more to help the nations that are poor in their struggle to tackle the climate crisis. 

The rich nations had agreed back in 2009 that at least $100 billion a year would be provided annually from public and private-sector sources to the developing nations by 2020. The commitment was made to help the poorer nations reduce greenhouse gas emissions and cope with the impacts of climate change. But, the target remains unfulfilled, further endangering the trust that developing nations have in the 2015 Paris climate accord. As per the report, leaving the pledge unmet has jeopardised the progress at COP26 talks that will start in Glasgow on Sunday. 

The climate finance delivery plan published on 25th October revealed that a shortfall remained between the finance likely to be provided with this year and next year and the $100 billion target. But added that it would be closed in the next two years, that is, by 2023, when the new contributions that had already been pledged came into effect. According to the plan, by 2025, the amount being pumped to the developing nations should reach $117 billion. 

COP26 President-Designate Alok Sharma's statement

COP26 President-Designate Alok Sharma,  the UK cabinet minister who will preside over the climate change conference, said in a statement, "The Delivery Plan sets out how developed countries will deliver the $100 billion goal that has long been promised to developing nations...Scaling up climate finance has been one of my top priorities as COP President. This plan recognises progress, based on strong new climate finance commitments. There is still further to go, but this Delivery Plan, alongside the robust methodological report from the OECD, provides clarity, transparency and accountability."

"It is a step towards rebuilding trust and gives developing countries more assurance of predictable support...We can and must do more to get finance flowing to developing nations. So in the lead up to COP26, it’s vital we see further pledges from developed countries and action on key priorities such as access to finance and funding for adaptation," he added.

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