A new report highlights the shortfall in developed countries climate finance, including noting Australia as a particular laggard. It estimates the Australian Government is contributing about 8 per cent of what our global fair share commitment should be for the years 2020-2025.
Antonio Guterres, the UN Secretary General, has warned developed nations they must deliver on climate finance for a successful outcome from the UN Climate Conference in Glagow (COP26) in November.
The UN Secretary General, speaking at High-Level Dialogue on Climate Action in the Americas, hosted by the Government of Argentina , said developed nations must deliver on the solidarity agenda. He told the Dialogue:
“developed nations must deliver on the solidarity agenda. That means support to developing countries on vaccines, debt and liquidity, as well as climate finance. We need a credible plan for delivering on the $ 100 billion dollar commitment made over a decade ago. We need it well ahead of Glasgow, to restore trust.” he said.
In 2009 at the UN Climate Change Conference (COP15) in Copenhagen Australia committed with other developed nations to raising US $100 billion climate finance per year from 2020 to developing countries to assist the transition and global decarbonistion.
Of the 23 developed countries responsible for providing international climate finance, only Germany, Norway and Sweden have been paying their fair share of the annual $100 billion goal. All other countries are falling short.
Australia, Canada, Greece, New Zealand, Portugal and the United States (US) all contributed less than 20% of their fair share of international climate finance.
Australia has committed AU$1.5 billion (US$1.1 billion) for climate finance for 2021–2025, which means it will be funding only 8 per cent of its fair share over the next five years, according to the study.
The OECD and Oxfam International in recent media releases have also highlighted this shortfall in climate finance commitment, one of the pillars behind the Paris Agreement. (see updates below)
Update: Australian NGOs published the Fairer Futures: Financing Global Climate Solutions report 20 October 2021. This report called for the Scaling up Australia’s contributions to global climate finance in three stages to 2030: including Immediately double Australia’s current climate finance to $3 billion over 2020-2025; by 2023, shape regional and global climate responses by committing an additional $700 – $990 million to the Green Climate Fund; by 2030, scale up Australia’s climate finance to meet its fair share of $12 billion annually.