Instead of being based on arbitrary targets, the new goal must rigorously quantify and respond to countries’ demonstrated needs and be tracked based on an agreed methodology that can prevent the double-counting and significant overestimations of the past.ĭeveloping countries face the double challenge of simultaneously investing in development and in climate mitigation and adaptation, while addressing the costs of loss and damage. New goal must respond to demonstrated needs In the United Nations Framework Convention on Climate Change’s recent analysis of financing needs, developing countries require at least $6 trillion by 2030 to meet less than half of their existing Nationally Determined Contributions.īy comparison, official data from the Organisation for Economic Co-operation and Development ( OECD) assessed total climate finance flows from developed to developing countries at $83.3 billion in 2020, and Oxfam estimates that the real value is about one third of that, around $21 billion to $24.5 billion.įurthermore, climate finance continues to be predominantly delivered as loans, including a large share of non-concessional financing, exacerbating sovereign debt issues that have been growing across regions and income groups. It’s commonly understood that the $100 billion goal is a fraction of what is needed to support developing countries to achieve climate goals in accordance with the Paris Agreement. $100 billion is a fraction of what is needed The $100 billion commitment, which in any case has not been met, will expire in 2025. This goal will replace the climate finance commitment set in 2009, which aimed to mobilize $100 billion per year for developing countries by 2020.
GENEVA (IDN) - After years of failing to meet climate finance commitments, the new climate finance goal under discussion in Bonn (at the Climate Change Conference 5-15 June) is critical, but without supporting reforms of the global financial architecture we risk repeating past mistakes.Īs cities across North America are covered with clouds of smoke caused by wildfires in Canada, negotiations on the New Collective Quantified Goal for climate finance continue(d….) in Bonn. The writer is Director of the Globalization and Development Strategies Division, UNCTAD.
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