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Negotiators never agreed on precisely how to measure countries’ pledges. Nature lays out how the $100-billion pledge failed, which countries are most to blame - and how climate finance might be transformed in the future. But negotiators are already looking further ahead: at COP26, discussions will begin on a new climate-finance pledge for the mid-2020s. “But the $100 billion is iconic in terms of the good faith of the countries that promised it,” Huq says.Ī flurry of pledges just before the Glasgow meeting have led to hopes that, by 2022, rich nations will manage to transfer $100 billion annually. And developing nations (as they are termed in the Copenhagen pledge) will need hundreds of billions of dollars annually to adapt to the warming that is already inevitable. Trillions of dollars will be needed each year to meet the 2015 Paris agreement goal of restricting global warming to “well below” 2 ☌, if not 1.5 ☌, above pre-industrial temperatures. Global climate action needs trusted finance dataĬompared with the investment required to avoid dangerous levels of climate change, the $100-billion pledge is minuscule.
“By the time we get to Glasgow, if they haven’t given us another $100 billion, then they are completely unable to meet their obligations,” says Saleemul Huq, director of the International Centre for Climate Change and Development in Dhaka. “We are not there yet,” conceded UN secretary-general António Guterres.įrustrations at this failure are contributing to rising tensions ahead of next month’s crucial COP26 climate summit in Glasgow, UK. Figures for 2020 are not yet in, and those who negotiated the pledge don’t agree on accounting methods, but a report last year for the UN 1 concluded that “the only realistic scenarios” showed the $100-billion target was out of reach.
They promised to channel US$100 billion a year to less wealthy nations by 2020, to help them adapt to climate change and mitigate further rises in temperature. Twelve years ago, at a United Nations climate summit in Copenhagen, rich nations made a significant pledge.
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