Published by: Vivek Dubey
As the world faces more extreme weather and rising temperatures, climate finance is a crucial topic at the upcoming COP28 UN summit. It’s the aid rich countries give to help poor ones fight and adapt to climate change.
Money that rich countries provide to help poor countries cope with climate change. It is a key topic at this year’s COP28 UN summit.
The amount that wealthy countries have promised to jointly provide per year by 2020. They have not delivered this money in full yet.
The list of countries obliged to contribute to climate finance since 1992. It includes the United States, Japan, Germany, France and the United Kingdom.
A measure of how much each donor should pay based on their income, emissions and population. It is not a UN rule, but a suggestion by some analysts.
Denmark, France, Germany, Japan, the Netherlands, Norway and Sweden. They are the only countries that paid their fair share in 2020, according to ODI.
The United States. It provided only $2.3 billion in 2020, far below its fair share of $44.8 billion. It has committed $11.4 billion for 2025, but that is still not enough.
European Union is the biggest provider of climate finance, contributing $26.15 billion in 2020. It also has ambitious domestic climate policies.
China and the United Arab Emirates. They are not on the list of donors, despite being wealthy and high-emitting countries. Some countries want them to pay too.
Money that comes from businesses, banks and investors for climate projects. It is not counted in the official climate finance figures, but it is also important.
Vulnerable countries will need nearly $6 trillion by 2030 to reduce emissions, while the current pledge is only $100 billion per year until 2025.