May 02, 2023 10:00 PM<\/p>\n
BERLIN \u2013 Wealthy nations are on track this year to meet their overdue US$100 billion (S$133.7b) climate finance pledge to developing countries, three years later than promised, Germany\u2019s Foreign Minister Annalena Baerbock said on Tuesday. <\/p>\n
Ms Baerbock said donor countries met on Monday to discuss progress towards their pledge, made back in 2009, to transfer US$100 billion per year from 2020 to vulnerable states hit by increasingly severe climate change impacts.<\/p>\n
\u201cThe good news is that it looks like we are on track to finally reach the sum of US$100 billion this year,\u201d she told a meeting of more than 40 representatives to discuss efforts to tackle climate change in Berlin.<\/p>\n
The US$100 billion falls far short of poor nations\u2019 actual needs, but has become symbolic of wealthy countries\u2019 failure to deliver promised climate funds. Failure to meet it has fuelled mistrust in climate negotiations between countries to attempt to boost CO2-cutting measures.<\/p>\n
The United Arab Emirates\u2019 president-designate of this year\u2019s UN climate talks said the funding delays were holding up progress in addressing climate change.<\/p>\n
\u201cExpectations are high. Trust is low,\u201d Sultan al-Jaber said, adding that the real value of the US$100 billion had eroded since the pledge was first made in 2009.<\/p>\n
Developing economies say they cannot afford to cut CO2 emissions without more support from the rich nations responsible for most of the greenhouse gases heating the planet.<\/p>\n
Wealthy countries provided US$83.3 billion in 2020 \u2013 falling US$16.7 billion short of the target, according to the latest available OECD data. The Organisation for Economic Co-operation and Development and wealthy countries had previously indicated the goal could be met this year.<\/p>\n
\u201cIt is frankly an embarrassment that it hasn\u2019t been possible to mobilise this money yet \u2013 especially taking into consideration that really, when being honest, we need trillions,\u201d Mr Dan Jorgensen, Denmark\u2019s Minister for Global Climate Policy and Development, told Reuters.<\/p>\n
Mr Jorgensen, who said Denmark had provided more than its fair share of the US$100 billion total in recent years, said finally meeting the goal could unlock progress in other areas of climate negotiations this year. REUTERS<\/p>\n