Confirmation today that developed countries are likely to have reached a climate finance goal last year is a "good basis" for progress at the UN Cop 28 climate summit in Dubai, Canada's climate change and environment minister Steven Guilbeault said.
It is likely that developed countries provided $100bn in climate finance to developing countries in 2022, the OECD said today, based on preliminary and as yet unverified data. Developed countries made a pledge in 2009 to provide $100bn/yr in climate finance to developing nations over 2020-25, but missed the target in 2020 and 2021.
It is a commitment that "we had hoped to meet earlier", German special envoy for international climate action Jennifer Morgan said today. She added that she hoped it could "build some confidence". But "we need an updating, a modernisation of the donor base", she said.
The UN's climate body works from a 1992 list of developing and developed countries, but the EU has previously argued that economic circumstances have changed for many since then. "Those that are currently working to be large players on the global stage… with that role also comes responsibility, whether that be countries in the Gulf region, whether that be China, whether that be others", Morgan said.
Progress on mitigation — cutting emissions — has stalled at recent climate talks, as developing countries call on wealthy, industrialised countries to meet commitments and provide meaningful climate finance. "Some of us… were a bit disappointed by the lack of progress on mitigation" at last year's Cop 27, Guilbeault said. In Dubai, "Canada is very happy to participate in the conversation… on the phasing out of unabated fossil fuels… I am confident we can make substantial progress on that", he added.
The news the goal has likely been reached "will help rebuild much-needed trust between developing and developed countries, which will go a long way toward achieving a positive outcome" at Cop 28, president of research organisation the World Resources Institute Ani Dasgupta said.
"It doesn't solve everything but we think it's a very important milestone", Morgan said. "We're not resting on our laurels", she added, pointing to the significant amount of issues to tackle at Cop 28, set to start in Dubai on 30 November.
Many say that trillions of dollars, rather than billions, are need to address climate change. "It is absolutely not enough", and the spending is still unverified, Maria Laura Rojas, executive director of Colombia-based climate think-tank Transforma said. Loans also remain the main source of finance, which increases the debt burden for developing countries, she noted.
Developed countries should make up the shortfall, Dasgupta said. The $100bn/yr should be reached on average over the 2020-25 time period, with over-delivery likely in some years, Guilbeault and Morgan said today.
