Developed countries urged to honour $100bn pledge
November 6, 2022 - November 18, 2022 - The failure of rich countries to meet a pledge to give $100 billion per year to help developing nations tackle climate change is likely to dominate the COP27 climate summit in Egypt.
In 2009, developed countries most responsible for global warming pledged to provide $100 billion per year by 2020 to help developing nations deal with its consequences.
The commitment has still not been met, generating mistrust and reluctance among some developing nations to accelerate their emissions reductions.
Rich countries fell $16.7 billion short of the target in 2020 and have signalled that it won't be met until 2023.
In addition to continued short fallings on the 2009 financial commitments, developed countries blocked the creation of a “loss and damage fund” to help those affected by climate crisis-related disasters.
Reuters reported last month that Egypt would work to make loss and damage a key part of the COP27 agenda.
COP27 is the 27th United Nations Climate Change Conference – this year being held in Sharm El-Sheikh, Egypt, from November 6 to November 18.