For immediate release.
Unceded Algonquin Anishinaabe Territories [OTTAWA], 25 October 2021:
This morning, Minister Jonathan Wilkinson, along with German State Secretary Jochen Flasbarth and COP26 President Alok Sharma put forward their delivery plan to show how rich nations would meet the annual US$100 billion commitment. This document is not a plan to deliver the US $100 billion in full and on time, but a failed attempt to provide some hope on climate finance.
It’s refreshing to see Minister Wilkinson and State Secretary Flasbarth show honesty in the capacity of developed countries to meet their own commitments. However, success at COP26 lies in the ability of rich countries, like Canada, to close the gap between the promised finance to help developing countries with mitigation and adaptation efforts and the amount actually delivered. The plan shows that the target, set in 2009, of delivering US$100 billion annually starting in 2020, will not be met before 2023, based on projections from the OECD.
Right now, the message coming from the delivery plan is that the world will not know whether developed countries have met their pledges until 2025, the final year of this climate finance cycle. Since the plan doesn’t show the breakdown of finance by country, the accuracy of the projections cannot be verified – the same issue as existed with the 2016 roadmap.
“The question today is, does this document show how urgent it is for rich nations to massively scale up climate finance flows to help developing countries transition, adapt and finance increasing and painful losses and damages? The clear answer is no,” said Eddy Pérez, international climate diplomacy manager at Climate Action Network – Réseau action climat (CAN-Rac) Canada.
For the past 12 years, the governance of climate finance flows has been opaque, with accounting disparities by contributors, problems with accessibility, and a growing reliance on loans, including non-concessional ones, which has also contributed to the increase in unsustainable debt burdens in developing countries. Finance dedicated to adaptation is low; funding to vulnerable countries remains extremely low. The delivery plan was an opportunity for rich nations to collectively address these urgent concerns. They failed to do so.
Wealthy countries still have the opportunity to provide the much-needed funding and rebuild trust with developing countries, by taking the following steps at COP26:
- In Glasgow, countries must acknowledge the need to unlock trillions to respond to the needs of developing countries in line with a 1.5C future;
- Countries must agree on an annual review of the US $100 billion efforts that includes each country’s contributions to this effort;
- All rich contributor nations must pledge to increase adaptation finance to at least 50%;
- They must agree to learn from the mistakes of this botched climate finance delivery in the context of the post-2025 goal;
- They must support the call from vulnerable countries and agree to mobilize resources for loss and damage finance;
- The UK COP President must invite two ministers from the Global North and Global South to convene consultations in Glasgow to ensure a climate finance package that truly responds to the needs of the developing countries.
“Climate finance is literally a matter of survival,” said Mr. Pérez. “Without adequate resources, nations, regions, and communities can’t implement those policies that are needed to build a 1.5°C compatible and safe future. Devastating climate impacts are already claiming lives, destroying homes, tearing apart communities; they aren’t waiting until rich nations are finally ready to step up.”
For more information, please contact:
Vicky Coo, Communications lead
Canada’s farthest-reaching network of organizations working on climate and energy issues, Climate Action Network – Réseau action climat Canada is a coalition of more than 130 organizations operating from coast to coast to coast. Our membership brings environmental groups together with trade unions, First Nations, social justice, development, health and youth organizations, faith groups and local, grassroots initiatives.
Photo credit: Jeff McIntosh/The Canadian Press