UK COP26 presidency publishes Climate Finance Delivery Plan

UK COP26 presidency publishes Climate Finance Delivery Plan

28 Oct 2021

The UK COP26 presidency has published its Climate Finance Delivery Plan to provide clarity on when and how developed countries will meet the US$100bn climate finance goal.

Based on the analysis from the Organisation for Economic Cooperation and Development (OECD), the delivery plan shows that developed countries will make significant progress towards the US$100bn goal in 2022, and provides confidence that it will be met in 2023. The data also provides confidence that developed countries can mobilise more than US$100bn per year thereafter through to 2025.

Climate finance plays a critical role in helping developing countries fight climate change and adapt to its impact. In 2009, developed countries agreed to mobilise US$100bn in climate finance per year by 2020, and in 2015 agreed to extend this goal through to 2025. While developed countries have significantly scaled-up their support over the last decade, new analysis shows the US$100bn goal was unlikely to have been met in 2020 and is likely to also fall short in 2021 and 2022.

Building on assessments of progress on the US$100bn goal to date, the Delivery Plan sets out an estimated trajectory of climate finance from 2021 through to 2025 – taking into account new climate finance pledges from individual developed countries and multilateral development banks. It also sets out principles on how to improve the delivery of climate finance.

While it is disappointing that the goal has not been met so far, the redoubling or significantly increased efforts from a large number of developed countries – including the UK, Canada, Germany and others – means that they are now much closer to the target and are delivering funds to support countries on actions against climate change.

For more information please see the EIC’s Road to COP26 events.

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