MOSCOW (Pakistan Point News / Sputnik - 20th September, 2021) Poorer countries may fail to receive up to $75 billion of the $100 billion yearly pledge made by wealthy nations to combat climate change over the next several years, Oxfam said on Monday.
"Wealthy nations are expected to fall up to $75 billion short of fulfilling their long-standing pledge to mobilize $100 billion each year from 2020 to 2025 to help the most vulnerable countries adapt to the dangerous effects of climate change and reduce their emissions," the charity estimated.
The estimated figures were released in the lead up to the informal meeting between government heads, which will take place at the United Nations General Assembly later on in the day.
A data report released on Friday by the Organization for Economic Co-operation and Development showed that developed countries provided only $80 billion in 2019 in climate finance. Oxfam states that by keeping those digits in mind, the governments of developed countries " will continue to miss the $100 billion goal and reach only $93 billion to $95 billion per year by 2025, five years after the goal should have been met."
Therefore, if this goes ahead as estimated, climate vulnerable countries could loose between $68 billion and $75 billion over the six-year target period.
Oxfam also estimated that deaths related to rising temperatures may rise amid the growing problem of climate change which could also " trigger economic losses double that of the pandemic" which, according to the charity, is treated with much more urgency than the climate emergency.
"The pandemic has shown that countries can swiftly mobilize trillions of Dollars to respond to an emergency � it is clearly a question of political will. Let's be clear, we are in a climate emergency. It is wreaking havoc across the globe and requires the same decisiveness and urgency," Oxfam International's Global Climate Policy Lead Nafkote Dabi said.
The COP26 UN Climate Environmental talks are due to take place in November in Glasgow and Oxfam urges all developed nations to increase their pledges of climate finance to reach the required target.
