Financing the climate

Michael Roberts Blog

COP26 trundles on in Glasgow with little sign that anything significant is being agreed towards reversing global warming and ending the degradation of nature.  Beneath all the media headlines, governments and corporations are not putting their money where their mouths are.  The financial support for measures to reduce carbon emissions and other destruction of the environment is pitiful.

In 2009, the major rich nations promised they would send at least $100bn a year in climate finance to poorer countries by 2020. That understanding formed the basis of the 2015 Paris climate accord, which aimed to limit global warming to well below 2C, ideally 1.5C. But on the eve of COP26, donor countries admitted they had missed that target in 2020. Now they expect to reach it in 2022 or 2023, years later than planned.

Indeed, most of the rich nations are not meeting their promises at all. Only Norway, Sweden…

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