Africa: Climate Finance - Developed Countries Ready to Fulfil $100 Billion Pledge By Year End

As France prepares to host world leaders at a global financial summit seeking to reconfigure global financial systems, sources in the French government say developed countries will be able to, by year end, deliver on the $100 billion climate financing pledge of 2020.seeks to establish a system that will be more responsive, just and inclusive.

Parties decided that this funding would come from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance, and that new multilateral funding for adaptation would be delivered through effective and efficient fund arrangements, with a governance structure providing for equal representation of developed and developing countries.

French officials involved in organising this week's summit are now saying that developed countries are on their way to fulfilling this pledge by the end of 2023. The OECD in its most put the figure mobilised by developed countries in 2020 at $83.3 billion for climate finance. President Emmanuel Macron of France, Prime Minister Mia Mottley of Barbados and UN Chief Antonio Guterres amongst others are expected to comment on this at the summit starting on Thursday 22 June.

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