April 15, 2024

Cop28 President bemoans US, Canada, other rich nations’ failure to release $100bn climate finance at deadline

Oredola Adeola

 

Dr. Sultan Al Jaber COP28 President-Designate and UAE’s Special Envoy for Climate Change has blamed developed nations’ “dismal” failure to provide $100 billion a year in climate finance to developing countries for “holding up” progress in negotiations, as at the period of deadline.

 

The COP28 President-Designate made this known while addressing attendees at the Petersberg Climate Dialogues in Berlin, Germany the Petersberg Climate Dialogue which started on Tuesday, May 2, and ended on Wednesday, May 3, 2023.

 

Dr. Sultan charged donor countries to provide a definitive assessment of the overdue delivery of the commitment before the climate summit in Dubai at the end of November, 2023.

 

According to him, the expectations are very high. Trust is very low.

 

EnergyDay gathered that in 2009 wealthy nations committed to collectively mobilise $100bn a year by 2020 to help developing countries cut their emissions and adapt to climate impacts. But they have so far failed to respect that pledge.

 

Organisation for Economic Co-operation and Development (OECD) in a data published in 2020, revealed that rich nations had only mobilised $83.3 billion of climate finance.

 

Al-Jaber contrasted rich countries’ failure to provide $100bn of climate finance with this year’s $100bn in military expenditure and pledges for the war in Ukraine and the $9,000bn that were mobilised to respond to Covid-19.

 

Annalena Baerbock, German foreign minister, in his reaction to the comment by Al Jaber said that the rich countries are “on a good track to finally make good on the promise” this year.

 

EnergyDay’s check showed that the plan drawn up by Germany and Canada ahead of Cop26 in 2021 indicated that the pledge would be met in 2023, three years later than the original deadline.

 

It was revealed that the rich donor countries were expected to be a credible partner by delivering on commitments and ensuring that poorer countries have the means to meet climate and development goals.

 

However, the Overseas Development Institute (ODI) in a report indicted the United States for the bulk of the climate finance gap.

 

ODI said, “The United States shoulders the biggest responsibility providing only 5% of its “fair share” based on a calculation that includes the size of its economy and historical emissions.

 

“The US should have provided $43bn but sent just $2bn, making it “overwhelmingly responsible for the climate finance gap.

 

Further findings showed that Australia, Canada, Italy, and Spain have also been singled out as laggards.

 

Prof. Yemi Osinbajo, Nigeria’s outgoing Vice President, during unveiling of the 4D Digital Green Industrial Corridor and the launch of the African Union Transition Fuels Oversight and Regulatory Management Accelerator (TRANSFORMA) in November 9, 2022, said that Africa receives $29.5 billion in climate finance annually as opposed to the $277 billion it needs for climate financing.

 

While the African Union, has insisted that natural gas, green and low-carbon hydrogen, and nuclear energy will play a crucial role in expanding modern energy access in the short to medium term, while enhancing the uptake of renewables in the long term, Osinbajo revealed that the release of the funds would help the continent to upscale its energy transition programmes.

 

EnergyDay’s check showed that the 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, (COP28) will be the 28th United Nations Climate Change conference, is billed to start from November 30th until December 12th, 2023, at the Expo City, Dubai