LONDON (Pakistan Point News / Sputnik - 26th October, 2021) Developed countries' goal to mobilize $100 billion per year in climate finance to support developing countries will be achieved in 2023, according to the Climate Finance Delivery Plan published on Monday.
The plan was prepared by the UK Presidency of the 26th session of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change, in collaboration with the German and Canadian environment ministers, Jochen Flasbarth and Jonathan Wilkinson.
"Based on the analysis from the Organisation for Economic Co-operation and Development (OECD) of recent climate finance pledges and historical levels of climate finance, the outlook to 2025 shows a positive trend, with developed countries making significant progress towards the $100 billion goal in 2022 and provides confidence that it would be met in 2023. The data also provides confidence that developed countries will likely be able to mobilize more than US$100 billion per year thereafter," the plan said.
In 2009, developed countries agreed to contribute $100 billion per year in climate finance by 2020, but in 2015 they agreed to extend this goal until 2025.
"We demonstrate progress made to date, outline our expectation that developed countries will make significant progress towards the $100 billion goal in 2022 and express confidence that it would be met in 2023. The data also gives us confidence that we will likely be able to mobilize more than $100 billion per year thereafter," the report added.
The plan also outlined a set of collective actions which developed countries need to undertake in order to achieve the goal of $100 billion. These include increasing the scale of climate finance, removing barriers in accessing climate finance, engaging private finance, and others.
The COP26 is set to take place from October 31 to November 12 in Glasgow. The climate summit will be attended by representatives of around 200 countries, including world leaders.
