$100B Pledge of Rich Countries to Poor Nations Affected by Climate Change Finally Met After 2 Years Delay

Rich countries may have fulfilled their long-overdue promise of $100 billion to help poorer countries adapt to climate change by 2022, an estimate that may generate some political goodwill on the eve of the COP28 climate summit in Dubai.

$100 Billion Pledge

According to the Organization for Economic Co-operation and Development, about $89.6 billion was supplied to developing nations in 2021, with that figure expected to exceed $100 billion in 2022.

The amount for 2021 was an 8% rise from $83 billion in 2020, which was at the upper range of OECD expectations, giving the organization confidence that the figure for 2022 would be more than $100 billion.

According to the research, the amount provided this year will almost certainly exceed $100 billion.

The $100 billion pledge was made in 2009 at the Copenhagen climate summit to assist impoverished nations in reducing greenhouse gas emissions and adapting to the repercussions of the climate catastrophe.

Rich countries promised at the time that the sum would be delivered by 2020, but it was clear for several years that this deadline would be missed.

"Based on preliminary and as yet unverified data, the goal looks likely to have already been met as of 2022," said Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development.

Germany and Canada, co-chairs of an international effort to meet the $100 billion target, called the statement a "welcome update," emphasizing that global climate finance requirements were substantial and rapidly expanding.

Huge Boost For COP28 Summit

The failure has been a cause of contention in international climate talks.

Developing countries have accused the wealthy of being untrustworthy, while wealthy countries have complained about difficulty obtaining subsidies and loans.

Demonstrating that the pledge was kept should provide a huge boost to the Cop28 UN climate negotiations, which begin in two weeks in Dubai.

"News that the long overdue goal has likely been met is a very welcome ray of sunshine. This will help rebuild much-needed trust between developing and developed countries, which will go a long way toward achieving a positive outcome at Cop28," said Ani Dasgupta, president of the World Resources Institute thinktank.

Many countries will expect rich countries to make up the gaps in the $100 billion target in 2020 and 2021.

More importantly, the effects and urgency of the climate crisis have grown dramatically since 2009, as greenhouse gas emissions and global temperatures have continued to rise, and climate impacts are being felt around the world in the form of extreme weather, heatwaves, floods, droughts, and sea level rises.

According to research published last year by economist Nicholas Stern, developing countries will require approximately two trillion dollars per year by 2030 to help transition their economies to a low-carbon path, adapt their infrastructure to extreme weather, and cover the rescue and rehabilitation of communities affected by climate disaster.

The trillions required will not all come from industrialized countries' international help; the majority will come from the private sector.

The majority of the money required is already in play, in the form of private sector investment around the world, but it is aimed at fossil fuels and high-carbon infrastructure and must be redirected toward low-carbon goals.