Posted: Friday, July 29, 2022. 9:44 am CST.
By Zoila Palma Gonzalez: Belize’s Ambassador to the United Nations, Carlos Fuller says that a “Loss and Damage Funding Facility is gaining traction,” referring to the climate impacts and the failure of rich nations to meet their climate funding goal, Reuters report.
“We now need to work on those developed countries who remain hesitant,” he said.
The Organisation for Economic Co-operation and Development (OECD) noted that rich countries failed to meet a long-standing pledge to deliver $100 billion to help poorer countries cope with climate change.
In 2009, developed nations said by 2020 they would transfer $100 billion per year to vulnerable states hit by increasingly severe climate-linked impacts and disasters.
The OECD said that the provided $83.3 billion in 2020 – fell $16.7 billion short of the target.
“Honouring that commitment is central to renewing trust,” said Yamide Dagnet, Climate Justice Director at the Open Society Foundations.
“We need developed countries to present credible plans to escalate their climate finance,” Dagnet added.
The European Union and its 27 member countries have, together, been the biggest climate finance provider.
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