The United Nations' primary fund for aiding vulnerable nations in coping with climate change announced on Ocotber 5 that it had raised $9.3bn, falling short of its $10bn target due to wealthy nations, including the United States, failing to fulfill their commitments.
This sum represents only a fraction of the $200bn to $250bn that developing countries will require annually by 2030 to adapt to climate change, as indicated in a recent report by the U.N. Framework Convention on Climate Change. The report highlighted the escalating costs of preparing for climate impacts and dealing with damages from extreme weather events.
With the U.N.'s COP28 climate summit scheduled to commence in less than two months in Dubai, there is mounting pressure on affluent governments to fulfill promises of assisting developing nations in preparing for and mitigating climate change.
A climate funding conference held in Bonn, Germany, on October 5, did see some countries pledge contributions to the Green Climate Fund, the U.N.'s principal funding mechanism for disbursing climate finance. Notable contributors included Japan, pledging up to JPY 165bn ($1.11bn) over the period 2024-2027, and Norway, offering around $300mn. However, the world's top two carbon emitters, the United States and China, did not make new funding pledges.
A U.S. representative cited uncertainty in the domestic budget process as the reason for not making a pledge but mentioned they were working on it. China, on the other hand, has yet to commit to providing climate finance through the U.N. system.
Australia, Italy, and Sweden also stated they were working on contributions but did not make pledges on October 5. The Green Climate Fund (GCF) aims to surpass the $10bn raised in its previous three-year cycle.
Mahmoud Mohieldin, the fund's facilitator, expressed optimism that the upcoming pledges from countries would comfortably exceed the previous contribution round, once announced.
While Germany, Britain, France, and Japan have been the largest backers of the UN fund, calls have grown for other countries, including Gulf states enriched by fossil fuels and emerging nations like China, to share the responsibility.
German Development Minister Svenja Schulze stressed the importance of encouraging and incentivizing Gulf countries rather than pressuring them, citing the fund's voluntary commitment principle.
The issue of climate funding is expected to be a central topic at this year's UN COP28 climate summit in Dubai. During the summit, countries plan to launch a new international fund dedicated to supporting vulnerable nations facing irreversible damage due to climate change. Traditional donors, including European nations and the United States, are advocating for a broader coalition of countries to contribute.
David Ryfisch, a climate policy expert at the campaign group Germanwatch, expressed disappointment with the Green Climate Fund's current tally, calling it a "poor signal" ahead of COP28. He emphasized that climate finance plays a crucial role in building trust in climate negotiations.
The backdrop for this year's UN climate talks is the unmet promise that wealthy nations made in 2009 to deliver $100bn in climate finance annually by 2020. Countries have now stated their intention to meet this commitment this year.
Madeleine Diouf Sarr, chair of the Least Developed Countries group in UN climate negotiations, emphasized the significance of launching and funding the new climate damages fund for COP28's success, stating that an empty fund would not benefit vulnerable populations.
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