Rich nations ‘falling short’ on financial goals to mitigate climate crisis in developing countries

Care International warns potential collapse in trust could put Cop26 success at risk

Glasgow is due to host this year’s UN climate summit, known as Cop26 (PA Archive)

Wealthy nations’ plans to provide finance to developing countries to mitigate the climate crisis are falling short of what is needed, a Care International report has claimed.

Analysis by the Geneva-based aid agency showed that the latest climate finance plans by rich countries were devoid of exact details and did not meet the $100bn- a-year target (£70bn) for 2020.

In 2009, rich countries agreed on a goal to provide public and private money to help developing nations expand their clean energy options and adapt to the consequences of rising temperatures.

Only three countries, including the UK, have shown an increase in the money they have pledged. Still, there is a $20bn (£14bn) global shortfall from the target, according to Care International.

The analysis of commitments from 24 countries submitted under the Paris Agreement will be discussed at the G7 group gathering in the UK this month, where climate finance is set to be high on the agenda.

Exact details as to what developed nations consider to be their fair share of the $100bn target or how they will support the poorer nations were scant, Care’s analysts claimed.

Analysis of the G7 plans found only the UK's climate finance was balanced between funding to adapt to climate change and money to help countries cut emissions.

The UK's climate finance pledge will be mainly disbursed through grants. London announced a higher target in 2019 and increased its funding by £11.6bn over the next five years.

It has, however, recently slashed its overseas development aid budget by billions of pounds.

Globally only 25 per cent of international climate finance was said to be spent on helping countries adapt to climate change, even though developing countries are at risk from rising seas, more extreme weather and harm to crops – areas which are “severely underfunded”, the report said.

Care International warned that the failure by rich nations to draw up explicit plans on how to meet their financial obligations could lead to a breakdown in trust between countries, putting this year’s Cop26 conference in Glasgow at risk.

“When G7 leaders meet they must put concrete increases on the table and take responsibility for developing a road map that ensures developed countries' climate finance obligations are met,” John Nordbo, senior climate adviser from Care Denmark, said.

Additional reporting by Press Association