Rich nations’ failure to cough up cash threatens to derail UN climate summit

The downbeat conclusion fuels further disappointment about progress on halting global warming, after last week’s G7 summit in Cornwall failed to produce specific plans for new climate funding. Rich countries appear to have missed a target of providing $100bn in annual climate aid by 2020, creating mistrust among the 191 countries that signed the Paris agreement. The shortfall sets the scene for difficult discussions at the COP26 in Glasgow when it comes to agreeing new goals for climate finance. “It is unlikely that rich countries hit the target of mobilising $100bn per year by 2020,” said Amar Bhattacharya, cochair of the UN’s Independent Expert Group on Climate Finance and senior fellow at the Brookings Institution, although official figures are yet to be tallied formally. At a time when government coffers have been emptied by the pandemic, reaching agreement on climate finance — public and private funding to help developing countries cut emissions and adapt to climate change — is more contentious than ever. During three weeks of negotiations at the UN Climate Change intersessional meetings, which ended on Thursday, an undercurrent of discontent over climate finance stymied talks on topics such as carbon markets and transparency. “The issue of climate finance still remains the most difficult part of all these negotiations,” said Molwyn Joseph, environment minister for Antigua. “I do not believe that particular aspect was dealt with as it should have been.” Rich countries donated about $80bn in 2018, according to UN figures. Several aspects of the “rule book” governing the 2015 Paris climate accord are due to be finalised at the COP26, including how countries report carbon emissions. Negotiators will also try to craft rules for global carbon markets, such as carbon offsets between nations. Patricia Espinosa, UN climate chief, admitted there had been a lack of progress. “I cannot say that there was really any breakthrough in the consultations that took place here,” she said. The promised $100bn was “absolutely crucial” for the success of the talks, she added.