As cities across North America are covered with clouds of smoke caused by wildfires in Canada, negotiations on the New Collective Quantified Goal for climate finance continue in Bonn.
By comparison, official data from the Organisation for Economic Co-operation and Development assessed total climate finance flows from developed to developing countries at $83.3 billion in 2020, and Oxfam estimates that the real value is about one third of that, around $21 billion to $24.5 billion. The scale of this challenge is staggering when close to 900 million people in the world don't have access to electricity, and more than 4 billion people don't have a social safety net they can rely on.
Financing options that are fair, sufficient and politically feasible are achievable and UNCTAD has recommended reforms to the global financial architecture that would help deliver climate and development finance at the appropriate scale." co-hosted with the German development agency GIZ and The Energy and Resources Institute at the Bonn Conference on 6 June.
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A Climate Finance Goal That Works for Developing NationsAfter years of failing to meet climate finance commitments, the new climate finance goal under discussion in Bonn, Germany is critical, but without supporting reforms of the global financial architecture we risk repeating past mistakes, writes Richard Kozul-Wright for Inter Press Service. The current goal of mobilising U.S.$100 billion per year for developing countries by 2020, which has not been met, will expire in 2025. However, U.S.$100 billion is a fraction of what is needed to support developing countries in achieving their climate goals. According to the United Nations Framework Convention on Climate Change (UNFCCC), developing countries require at least U.S.$6 trillion by 2030 to meet less than half of their existing targets. Additionally, climate finance primarily takes the form of loans, exacerbating sovereign debt issues. Instead of being based on arbitrary targets, the new goal must rigorously quantify and respond to countries' demonstrated needs and be tracked based on an agreed methodology that can prevent the double-counting and significant overestimations of the past. Developing countries face the double challenge of simultaneously investing in development and in climate mitigation and adaptation, while addressing the costs of loss and damage. The United Nations Conference on Trade and Development (UNCTAD) highlighted four priorities for climate finance: addressing debt distress in low-income countries, maximising the impact of IMF's Special Drawing Rights, leveraging government-backed development banks, and mobilising private finance. These priorities offer a starting point to meet the urgent challenge of climate change and support all developing countries in achieving their climate goals.
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