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lunes, enero 30, 2023

Global climate funding reaches $28 billion in pledges – World Resource Institute

The Fast-Start Climate Finance, which was agreed on in the Copenhagen talks in 2009, was made to collect funds that will be used to help developing countries in their actions regarding mitigation of emissions, adaptation, technology development and transfer and capacity building.

Under the agreement, governments will provide developing countries with a total of $30 billion for the period of 2010 to 2012. This agreement was made in conjunction with the Copenhagen Accord’s Green Climate Fund which is an effort to mobilize $100 billion yearly by 2020 to address developing countries against climate change.

Industrialised countries are due to fill in their emissions reduction commitments by 2020.

Under the W.R.I.’s report, 21 developed countries have so far pledged a combined total of $28.144 billion. Among all governments, Japan has pledged the largest amount – $15 billion – this is followed by the European Union’s pledge of $10.307 billion, and the United States, which vows to contribute $1.704 billion.

Just last year in the Cancun Agreements, developed countries reiterated their commitment and agreed on the transparency of their pledges. They agreed that they will be providing details on what the pledge is and how the country will meet their pledge.

Developed countries are invited to voluntarily provide the details of their pledges to the United Nations Framework Convention on Climate Change every first day of May starting this year until 2013.

Among industrialized nations, only Russia and Ukraine sent letters to the United Nations by the deadline. However, the letter they sent was not about their pledge, but about how “they did not feel obliged to contribute,” reported Reuters.

The Fast-Start Finance is one of the main issues of the international climate change talks. Its progress will help demonstrate that developed countries are willing to meet their commitments, said the U.N.F.C.C.C.

Other institutions that had proven valuable when it comes to providing global climate change-related funding include the Global Environment Facility, the World Bank and the Adaptation Fund under the Kyoto Protocol.

 

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