WORLD

UK PM Calls On Wealthy Countries To Meet US$100 Billion Climate Pledge

UK Prime Minister Boris Johnson has urged leaders of the world’s major economies to deliver on their commitment to provide US$100 billion (FJ$210 billion) per year in climate finance. With
24 Sep 2021 11:00
UK PM Calls On Wealthy Countries To Meet US$100 Billion Climate  Pledge
British Prime Minister Boris Johnson after meeting with Antonio Guterres, Secretary General of the United Nations, during the 76th Session of the U.N. General Assembly on September 20, 2021. John Minchillo/Pool via REUTERS

UK Prime Minister Boris Johnson has urged leaders of the world’s major economies to deliver on their commitment to provide US$100 billion (FJ$210 billion) per year in climate finance.

With just five weeks to go before the COP26 climate summit hosted by the UK in Glasgow, Prime Minister Johnson and UN Secretary-General Antonio Guterres chaired a roundtable meeting of world leaders on climate change in New York on 20 September to address major gaps on emissions targets and climate finance.

 

The Prime Minister told fellow leaders that more funding has to be provided to help developing countries adapt to and mitigate climate change and transition to net zero emissions.

“Too many major economies – some represented here today, some absent – are lagging too far behind”, PM Johnson said.

“In coming together to agree the US$100 billion pledge, the world’s richest countries made an historic commitment to the world’s poorest – we now owe it to them to deliver on that.”

“I’ll stress that again – for this to be a success we need developed countries to find that US$100 billion

 

The closed-door meeting during the annual high-level week of the U.N. General Assembly included leaders and representatives from a more than twenty countries representing industrialized nations, emerging economies and vulnerable developing countries.

 

Hon. Prime Minister Frank Bainimarama was among the international leaders who took part in the meeting.

Fiji’s Permanent Representative to the United Nations, Dr Satyendra Prasad highlighted that science tells us the world’s largest emitters are not doing enough to cut emissions or fill the deepening void in finance to help vulnerable nations build resilience.

“Fiji is proud to stand with the UN and with future generations in demanding that all nations –particularly the largest emitters — follow our lead by committing to drastic cuts in emissions by 2030 that set us towards net-zero emissions sooner than 2050,” he said.

H.E. David Kabua, the President of the Marshall Islands, who represented the High Ambition Coalition at the roundtable discussions, presented a very strong warning.

 

“With so much at stake, we have to follow talk with action,” he said, urging the G20 leaders to take drastic steps to cut emissions.”

“So far major economies remain significantly off track on their emission reduction goals and climate finance commitments.”

“An analysis of country pledges, known as Nationally Determined Contributions (NDCs), released by the United Nations earlier this month showed global emissions would be 16% higher in 2030 than they were in 2010 – far from the 45% reduction by 2030 that scientists say is needed to stave off disastrous climate change.”

Ahead of the Paris Agreement developed countries committed to mobilise US$100 billion a year from 2020 to support developing countries cut their carbon emissions, minimise the impact of climate change and adapt their economies to deal with its impact.

While international support for tackling climate change has increased hugely since 2015, developed countries have collectively failed to reach the US$100 billion target – last week the OECD confirmed that only US$79.6 billion was mobilised in 2019.

 

However there has been some recent progress.

All G7 countries have committed to enhance contributions in the next five years, including scaling up finance for adaptation and nature.

At the G7 Summit in June, new pledges amounting to US$4 billion per year in additional finance were made by major economies.

This week at the UN, US President Biden announced that the US will double its international climate finance to US$11.4 billion per year.

China’s President Xi Jinping announced that China would build no new coal-fired power projects overseas, an important step towards bringing an end to the use of coal, the most polluting of all fossil fuels.

 

The UK has already committed US$15.8 billion (£11.6 billion) in international climate finance over the next five years, twice the previous five-year commitment.

At least 50% of that amount will be used to support adaptation in countries affected by the impacts of climate change.

The UK is the largest funder of the Green Climate Fund (GCF) providing 18% of its budget.

 

The UK is proud that, through its substantial financial contribution, the GCF is able to support the climate priorities of nations across the Pacific including the Fiji Urban Water Supply and Ovalau Agro-Photovoltaic Programmes.

Earlier this week the UK announced that it will allocate US$749 million (£550 million) to support developing countries to adopt the policies and technologies needed to end the use of coal and create a cleaner, greener planet.

Of that £550 million, £350 million will go to the Climate Investment Funds (CIFs) – one of the world’s largest multilateral funds working to pilot and scale climate solutions in developing countries.

This includes support through the Accelerating Coal Transition programme, which seeks to accelerate closures of coal-fired power stations, repurposing sites for clean energy generation and creating green jobs.

A further £200 million of funding at minimum will go to UK PACT (Partnering for Accelerated Climate Transition), the UK’s flagship climate technical assistance programme.

 

UK PACT has been operating since 2018 in 16 countries with high or rapidly growing emissions.

It provides the UK’s world-leading expertise to public, private and civil society institutions so that they can help countries to become low carbon economies – reducing both emissions and poverty.

These new commitments are a significant step on the path to delivering the ambition set out by Prime Minister Boris Johnson and other G7 leaders to help meet the infrastructure needs of developing countries, particularly in respect to clean and green growth.

At the end of the UN General Assembly the UK will publish the details of countries’ climate finance commitments to date.

 

In response to calls from developing countries for greater transparency and predictability in international climate finance, the UK has asked Germany and Canada to lead on developing a ‘US$100 billion Delivery Plan’, to be published ahead of the COP26 Summit.

The details on contributions the UK will publish in the week ahead will be a key component of this Plan, which will outline how the US$100 billion goal will be met through to 2025.

It is clear that all of us need to move further and faster in order to address the twin challenges of climate change and biodiversity loss, the biggest issues facing humanity.

Addressing them means changing how we think, how we act, and how we measure success.

It means transforming our institutions and systems to make these changes possible and to sustain them for future generations.

 

The UN General Assembly is a chance for the countries of the world to set out their plans for stronger and more rapid action ahead of COP26.

As Prime Minister Johnson has said, UNGA76 has to deliver real progress on ‘coal, cars, cash and trees’.



Five Square diwali dhamaka 2021


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