A persistent shortfall in funding for developing countries hangs over COP26 climate talks
A $100bn dividing line between the world’s richest and poorest countries threatens to undermine any hope for a grand deal at the COP26 climate negotiations.
Part of the problem is that it’s not entirely clear who owes what. There’s no set target for monetary contributions as there is with the Nato alliance, where members commit 2% of their overall spending on the military. The consensus is that most of the blame belongs to the US. The world’s largest economy contributed only 4% of its fair share in 2017 and 2018, according to the think-tank Overseas Development Institute , based on its wealth, emissions, and population size.
Developed nations first agreed to the $100bn goal at COP15 in Copenhagen in 2009. The pact was the only bright spot in a meeting largely regarded as a failure. The 2015 landmark Paris Agreement, through which all nations agreed to co-operate to limit global warming, also reaffirmed the climate finance commitment even though donor countries were far from meeting the target.
Take Ethiopia. Under a revised plan, it aims to cut emissions 69% by 2030. But 80% of the $316bn required to finance that reduction has to come from foreign governments.
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