PLEA Network

17 October 2016, Climate Home, Rich nations on course to miss 2020 climate finance goal. The world’s richest countries are on course to miss a target to mobilise US$100 billion of climate funds a year by 2020, a new report by the UK and Australian governments has revealed. It forecasts a total of $93 billion a year will be delivered by the end of the decade to help poorer nations invest in green energy and prepare for future climate change impacts. The 27-page report, released on Monday, says that figure could soar to a best-case scenario of $133 billion if public funds start to leverage more private sector support in the coming years. “The projection should be considered a conservative, indicative aggregation of public climate finance levels in 2020, rather than a firm prediction,” say the governments. The figures are based on analysis of global climate finance flows by the Paris-based Organisation for Economic Co-operation and Development (OECD). It comes just under a month before the UN’s major climate summit of 2016 opens for business in Marrakech, Morocco, with finance high on the agenda. Last week, UN climate chief Patricia Espinosa urged the world’s rich nations to come prepared with a plan to make good their 2009 promise to deliver $100 billion a year by 2020. While small compared to the $286 billion renewables investments through 2015, the $100 billion number is seen as a barometer for the commitment of wealthy governments to meet their promises. Under the OECD’s new projections, funding solely from governments including the US and EU-28 and development banks will tip $67 billion by 2020, up from $41bn in 2014. It then adds the amount of green finance from banks, funds and pensions that this could unlock, leading to a final figure closer to $100 billion. Read More here