Rich countries have made “disappointing” progress in climate finance

These are data that will undoubtedly be another disappointment for developing countries, and a further blow to the increasingly strained relationship they have with developed countries on the front lines. climate. The countries of the North mobilized 79.6 billion dollars (67.8 billion euros) in climate finance in 2019 for those of the South, according to the latest figures released Friday, September 17 by the Organization for Economic Cooperation and Development (OECD). This figure is only up 2% compared to 2018, i.e. a sharp drop after an increase of 11% between 2017 and 2018, and 22% between 2016 and 2017.

It is now highly unlikely that the promise of the countries of the North to help those of the South cope with the effects of climate change will be kept. The developed countries pledged, in 2009, to jointly mobilize 100 billion dollars per year, by 2020. This objective, partly included in the 2015 Paris Agreement, has become the basis of trust between States and one of the engines of climate action. There is a shortfall of $ 20 billion to achieve this.

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“The limited progress between 2018 and 2019 is disappointing, especially in the run-up to COP26 [la conférence mondiale sur le climat qui doit se tenir en Ecosse début novembre] “, OECD Secretary General Mathias Cormann said in a statement. Although data for 2020 will not be available until early 2022, “It is very likely that climate finance will remain well below its target. It is necessary to do more ”, he warns.

Asia was the main beneficiary

In detail, the report finds that public funding reached $ 63 billion in 2019. While multilateral funding increased by 15% compared to 2018, bilateral funding recorded a decrease of 10%. Private finance also fell 4% to $ 14 billion.

Funding for adaptation continues to increase globally, but remains insufficient. Only 25% of climate funds have been mobilized to help countries adapt to the impacts of the climate crisis compared to 64% to help States reduce their emissions, which is called mitigation – the rest is devoted to activities aimed at both. However, the Paris Agreement provides for a balance between adaptation and mitigation, all the more crucial as climate disasters multiply and destabilize the most vulnerable countries.

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