Berliner Boersenzeitung - Rich nations 'likely' met $100 bn climate finance goal: OECD

EUR -
AED 4.153339
AFN 79.152783
ALL 97.839449
AMD 435.074782
ANG 2.023734
AOA 1037.493261
ARS 1307.770672
AUD 1.758053
AWG 2.036818
AZN 1.92255
BAM 1.951202
BBD 2.285016
BDT 138.18438
BGN 1.956358
BHD 0.4263
BIF 3368.477352
BMD 1.13078
BND 1.457865
BOB 7.820571
BRL 6.375796
BSD 1.131733
BTN 96.607353
BWP 15.191203
BYN 3.703673
BYR 22163.295999
BZD 2.273243
CAD 1.564344
CDF 3239.685508
CHF 0.936262
CLF 0.027668
CLP 1061.75743
CNY 8.14648
CNH 8.136553
COP 4650.899819
CRC 575.738228
CUC 1.13078
CUP 29.965681
CVE 110.00578
CZK 24.906344
DJF 201.535099
DKK 7.456683
DOP 66.692255
DZD 149.330457
EGP 56.35831
ERN 16.961706
ETB 153.8517
FJD 2.558395
FKP 0.833777
GBP 0.839146
GEL 3.098186
GGP 0.833777
GHS 11.713398
GIP 0.833777
GMD 81.416294
GNF 9803.941162
GTQ 8.683538
GYD 237.13122
HKD 8.862825
HNL 29.477279
HRK 7.534961
HTG 147.872857
HUF 403.87349
IDR 18443.763463
ILS 4.007271
IMP 0.833777
INR 96.906015
IQD 1482.506594
IRR 47634.124361
ISK 143.993253
JEP 0.833777
JMD 180.014219
JOD 0.80175
JPY 163.220803
KES 146.27754
KGS 98.886624
KHR 4530.324659
KMF 491.318655
KPW 1017.707416
KRW 1556.46277
KWD 0.347127
KYD 0.943078
KZT 579.324868
LAK 24455.372906
LBP 101402.154086
LKR 339.300466
LRD 226.346633
LSL 20.255669
LTL 3.338901
LVL 0.683998
LYD 6.166469
MAD 10.446883
MDL 19.505038
MGA 5167.822447
MKD 61.539172
MMK 2374.140516
MNT 4045.042428
MOP 9.137468
MRU 44.769109
MUR 51.907302
MVR 17.481717
MWK 1962.375821
MXN 21.825702
MYR 4.797896
MZN 72.26797
NAD 20.255669
NGN 1792.592424
NIO 41.652035
NOK 11.511503
NPR 154.570401
NZD 1.898589
OMR 0.434771
PAB 1.131733
PEN 4.138747
PGK 4.644016
PHP 62.776971
PKR 320.276993
PLN 4.251915
PYG 9042.691634
QAR 4.136553
RON 5.054028
RSD 117.248383
RUB 90.809702
RWF 1606.10115
SAR 4.241295
SBD 9.442884
SCR 16.077077
SDG 679.032679
SEK 10.904235
SGD 1.458633
SHP 0.888616
SLE 25.690927
SLL 23711.900009
SOS 646.770219
SRD 41.650069
STD 23404.871411
SVC 9.902665
SYP 14702.243115
SZL 20.249284
THB 37.020057
TJS 11.407719
TMT 3.963385
TND 3.379038
TOP 2.6484
TRY 44.174952
TTD 7.698858
TWD 33.802454
TZS 3050.845798
UAH 47.186609
UGX 4129.269712
USD 1.13078
UYU 47.099015
UZS 14644.491449
VES 107.250592
VND 29338.097688
VUV 137.168051
WST 3.118557
XAF 654.414925
XAG 0.034069
XAU 0.000343
XCD 3.05599
XDR 0.813882
XOF 654.414925
XPF 119.331742
YER 275.740799
ZAR 20.328714
ZMK 10178.37688
ZMW 30.584929
ZWL 364.11083
  • CMSD

    0.2400

    22.13

    +1.08%

  • BCC

    2.9800

    89.54

    +3.33%

  • CMSC

    0.1900

    22.13

    +0.86%

  • NGG

    -0.0900

    74.7

    -0.12%

  • VOD

    0.0300

    10.5

    +0.29%

  • SCS

    0.4100

    10.5

    +3.9%

  • RBGPF

    65.5600

    65.56

    +100%

  • GSK

    0.7800

    39.44

    +1.98%

  • RYCEF

    0.3700

    11.57

    +3.2%

  • RIO

    -0.7800

    60.8

    -1.28%

  • JRI

    0.1300

    12.82

    +1.01%

  • BCE

    -0.0500

    21.48

    -0.23%

  • RELX

    0.2200

    55.66

    +0.4%

  • BP

    0.0600

    29.15

    +0.21%

  • AZN

    0.5500

    70.96

    +0.78%

  • BTI

    0.0400

    45.26

    +0.09%

Rich nations 'likely' met $100 bn climate finance goal: OECD
Rich nations 'likely' met $100 bn climate finance goal: OECD / Photo: Hai Duong - AFP

Rich nations 'likely' met $100 bn climate finance goal: OECD

Wealthy nations likely met their goal of providing $100 billion in annual climate finance to poorer nations last year -- two years later than promised and only a fraction of the "extensive needs", the OECD said Thursday.

Text size:

The OECD report comes ahead of the UN's COP28 climate negotiations later this month in Dubai, where finance will be a major sticking point.

The Organisation for Economic Co-operation and Development is tasked with monitoring official figures on the pledge to help developing countries fund their energy transitions and resilience in the face of accelerating climate impacts.

In 2009, richer countries promised to reach $100 billion annually in funding for these priorities by 2020.

Failure to meet the target on time has damaged trust in international climate negotiations.

In the most up to date figures, the OECD said richer countries reached $89.6 billion in total funding for 2021.

"Based on preliminary and as yet unverified data, the goal looks likely to have already been met as of 2022," said OECD Secretary-General Mathias Cormann in the foreword to the latest report.

But he added experts estimate that developing countries will need to spend about a trillion dollars a year by 2025 for climate investments, rising to roughly $2.4 trillion each year between 2026 and 2030.

"Although public finance can only contribute a share of these extensive needs," Cormann said, international donors would be crucial in helping to boost overall funding.

He said that currently finance from rich countries was not effective enough in attracting additional private sector investments and funding.

Finance focused on adaptation that countries must embark on to prepare themselves for an array of increasing climate impacts was also lagging, he said.

Adaptation measures can include building coastal defences, or helping farmers become more resilient to increasingly ferocious floods, droughts and other climate extremes.

- Action is 'stalling' -

Many developing economies least to blame for the greenhouse gases that stoke global warming are among the most exposed to the costly and destructive effects of worsening weather extremes and rising seas.

World leaders meeting at the climate talks in the United Arab Emirates will face a tough reckoning over financial solidarity between rich polluters and vulnerable nations, as a failure to cut planet-heating emissions threatens the Paris Agreement's global warming limits.

Adaptation is a key priority for developing countries and wealthy governments have promised to double adaptation finance by 2025, to $40 billion a year.

But as the world warms, climate change impacts increase and so too do the costs of preparing for them.

Earlier this month, a report by the UN Environment Programme (UNEP) projected that overall annual funding that developing countries need to adapt to climate impacts this decade had increased to as much as $387 billion.

At the time, UN Secretary-General Antonio Guterres warned action was "stalling" even as the need to protect people increases.

(A.Berg--BBZ)