Rich countries are on course to achieve a long-promised $100bn climate crisis fund for poor nations, a pre-Cop26 study says – but not until 2023.
The target is seen as crucial to winning the trust of developing countries to make their own CO2 cutting commitments in Glasgow next week, but stood $20bn short in 2019.
Now the study confirms the original target of $100bn by 2020 has been missed, but expresses “confidence that it would be met in 2023”.
A disappointed Oxfam said: “This plan claims that rich nations will meet their target three years late.”
Germany and Canada were handed responsibility for piling pressure onto the richest nations to make commitments to stump up the missing billions, in the run up to Cop26.
The report says its projection that $100bn will be achieved in 2023 is “based on pledges made by developed countries as of 20 October, 2021”.
The UK has pledged around £2.3bn each year until 2025, but The Independent revealed the cash will be swiped from the shrunken foreign aid budget – despite a requirement that they be “additional”.