UK COP26 Presidency, publishes Climate Finance Delivery Plan

UK COP26 Presidency, publishes Climate Finance Delivery Plan led by German State Secretary Flasbarth and Canada’s Minister Wilkinson ahead of COP26

UK COP26 Presidency, publishes Climate Finance Delivery Plan led by German State Secretary Flasbarth and Canada’s Minister Wilkinson ahead of COP26

The plan shows the trajectory for developed countries to deliver on the agreed goal of mobilizing $100 billion per year in climate finance to support developing countries.

The UK COP26 Presidency is today publishing a Climate Finance Delivery Plan to provide clarity on when and how developed countries will meet the $100 billion climate finance goal.

Based on the analysis from the Organisation for Economic Cooperation and Development (OECD), the delivery plan shows that developed countries will make significant progress towards the $100 billion goal in 2022, and provides confidence that it will be met in 2023. The data also provides confidence that developed countries can mobilise more than $100 billion per year thereafter through to 2025. 

Climate finance plays a critical role in helping developing countries fight climate change and adapt to its impacts. In 2009, developed countries agreed to mobilise $100 billion in climate finance per year by 2020, and in 2015 agreed to extend this goal through to 2025. While developed countries have significantly scaled-up their support over the last decade, new analysis shows the $100 billion goal was unlikely to have been met in 2020 and is likely to also fall short in 2021 and 2022.

Ahead of COP26, COP President-Designate Alok Sharma asked Jonathan Wilkinson, Canada’s Minister of Environment and Climate Change and Jochen Flasbarth, Germany´s State Secretary at the Ministry for Environment, Nature Conservation and Nuclear Safety, to work together to produce a Delivery Plan on the $100 billion commitment, to demonstrate how and when developed countries will deliver on their promise.

Building on assessments of progress on the $100 billion goal to date, the Delivery Plan sets out an estimated trajectory of climate finance from 2021 through to 2025 - taking into account new climate finance pledges from individual developed countries and multilateral development banks. It also sets out principles on how to improve the delivery of climate finance.

The Plan lays out a set of guiding principles for collective actions of developed countries, including increasing financing for adaptation, addressing barriers in accessing climate finance, and improving private finance mobilisation.

German State Secretary Jochen Flasbarth, Federal Ministry for the Environment, Nuclear Safety and Natural Conversation said: 

“Developing countries have been rightfully disappointed that so far developed countries have not delivered on the $ 100 billion pledge that was already given in 2009. Hence, I am glad that the process I was honoured to lead jointly with Minister Jonathan Wilkinson has created momentum to help complying with the finance commitment overall in the period up to 2025. We are very aware that also after today’s release of the Delivery Plan, a lot of work remains. However, it is my strong hope that with this plan, we can show the international community that developed countries remain committed to deliver on their promises.  

I can assure you that Germany is strongly committed to the USD100 billion target. In 2020, we provided in total 7.8 billion EUR for international climate finance. We intend to increase the fraction of our climate finance coming from our national budget from 4 billion EUR in 2020 to prospectively 6 billion EUR in 2025. Thus, we will continue to provide our share in the years to come.” 

26.10.2021 | Report Climate