Don’t assume that the previously promised $100 billion for climate finance in poor countries will be reached during the climate summit in Glasgow in November. So said British Prime Minister Boris Johnson, host of the summit, before he left for New York to attend the United Nations General Assembly. Climate is also an important theme there.
That 100 billion was already promised in 2009. Rich countries did not want to come home without results after a failed climate summit in Copenhagen and promised to help developing countries financially with their climate policy. A significant amount would become available every year, rising to 100 billion dollars (about 85 billion euros) in 2020 and again and again for the years afterwards. That money would fund projects to make those countries more resilient to the effects of climate change, as well as help them reduce their CO2to reduce emissions.
Last week, the OECD, the organization of industrialized countries, wrote that the amount will not be met. Although the figures are not final yet, in 2019 about $79.6 billion was available – about 2 percent more than the 78.3 billion from 2018. According to the OECD, it is virtually impossible to calculate the amount for the coming years. 20 billion to grow.
Development organization Oxfam Novib calculated in a study published Monday, based on existing commitments, that the 100 billion will not be achieved in the years up to 2025. Oxfam estimates that $93 to 95 billion will be available that year. Developing countries will lose 68 to 75 billion dollars for climate in the five years to 2025, according to the organization.
Meanwhile, the need for countries to adapt is growing. Last year alone, nearly 100 million people were impacted by floods, storms and other climate-related problems. The economic damage amounted to more than 170 billion dollars.
Bertram Zagema, climate expert at Oxfam Novib, points out the contrast with the corona crisis, for which several thousand billion dollars became available in a short time. It is therefore best, says Zagema, to free up money in the event of a crisis. “But the corona money goes to our own country. That shows the lack of international solidarity in the climate crisis.”
Make good decoration
Not only the amount is not reached. The nature of the financing also differs from what was agreed in 2009. The money was mainly intended for ‘adaptation’, to adapt to the effects of global warming. But Oxfam calculated that only a quarter (about 26 billion) is spent on this. A lot of money goes to mitigation, reduction of greenhouse gases. Both are necessary, but money for adaptation mainly serves the interests of the developing countries themselves, while a government with development aid for mitigation can also make a good impression at home – because reducing greenhouse gases is to everyone’s benefit.
Governments appear to provide a lot of climate money as loans – no less than 70 percent in 2019, according to Oxfam. In addition, most countries, including the Netherlands, include business investment and money that was earmarked as development aid anyway. The agreement was precisely that climate money would be ‘new and additional’.
“Nowadays, every project that deals with water is conveniently counted as climate finance,” said researcher Pieter Pauw, who obtained his PhD on this theme, in 2018 in NRC. “Because water has to do with climate.” At the time, Pauw pointed out that arguing about the climate fund could slow down the progress of the climate negotiations. “Money is a lubricant in the difficult negotiations.”
He stated at the time that 100 billion in a few years would be completely insufficient. UNEP, the UN Environment Programme, has calculated that 300 billion will be needed by 2030 and probably 500 billion by the middle of the century.
Climate aid to poor countries does not meet the promised targets
Source link Climate aid to poor countries does not meet the promised targets