PLEA Network

12 October 2015, Climate News Network, Climate cash flow to poorer nations is still too slow. Rich countries are failing to fulfil pledges to make billions of dollars available to help the developing world tackle climate change. World leaders are not delivering fully on agreements made at successive climate negotiations to channel US$100 billion annually from rich countries to poor in order to tackle and adapt to climate change. An analysis of cash flows by the Organisation for Economic Co-operation and Development(OECD) − which links the world’s wealthier countries − finds the target due to be reached by 2020 is still far from being met. The OECD says that, at present, the rich countries are channelling on average about $57bn each year to help poorer nations limit carbon emissions and deal with extreme weather events and rising sea levels. Complex business It has spent several months trying to gauge climate-related cash flows from rich to poor countries − a complex business involving analysis of foreign aid budgets, loans from public and private bodies, and other sources of cash. “Our estimates paint an encouraging picture of progress,” says Angel Gurria, the OECD secretary-general. “We are about halfway in terms of time and more than halfway there in terms of finance, but clearly there is still some way to go.” However, whether or not the wealthier countries are making sufficient commitments will be a key item on the agenda at the major negotiations on climate change being held in Paris in late November and early December this year. Read More here