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EU chief announces extra $4.7bn in climate funds for Global South and challenges US to ‘step up’

Developed international locations agreed greater than a decade in the past, and reaffirmed in the 2015 Paris Agreement, to switch $100 billion a yr by 2020 to the creating world to support their inexperienced transformations and to adapt to the impacts of climate change.

Collectively, the world missed that deadline final yr. The United States has been significantly criticized for transferring nothing in the course of the 4 years of the Trump administration.

In her annual State of the Union handle to the European Parliament, von der Leyen pointed to the European Union because the world’s largest contributor to climate finance, calling on the US and others to “step up.”

Not a single G20 country is in line with the Paris Agreement on climate, analysis shows
“Team Europe contributes €25 billion a year. But others still leave a gaping hole towards reaching the global target. So closing that gap will increase the chance of success in Glasgow,” von der Leyen stated, referring to the UN climate change convention COP26. She pledged that the extra €4 billion will likely be paid up till 2027.

“But we expect the United States and our partners to step up too,” she added. “This is vital because closing the climate finance gap together, the US and the European Union would be such a strong signal for global climate leadership, and it is time to deliver now. We have no time to wait anymore.”

The Biden administration has stated it should double the extent of climate finance transferred in the Obama administration’s second time period, which averaged at round $2.8 billion, however critics say it wants to do extra to make up for 4 years of no finance in the course of the Trump years.

Developing nations greater than a decade in the past had hammered out the climate finance settlement with wealthier international locations to acknowledge the developed world’s bigger position, traditionally, in the emission of greenhouse gases. Per capita, many developed nations emit way more carbon than creating international locations.

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