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Revealed: US and UK fall billions short of ‘fair share’ of climate funding for developing countries.

 The US, UK, Canada and Australia have fallen billions of dollars short of
their “fair share” of climate funding for developing countries,
analysis shows. The assessment, by Carbon Brief, compares the share of
international climate finance provided by rich countries with their share
of carbon emissions to date, a measure of their responsibility for the
climate crisis.

Rich countries pledged to provide US$100bn a year by 2020,
although this target has been missed. The US share of this, based on its
past emissions, would be $40bn yet it provided only $7.6bn in 2020, the
latest year for which data is available.

Australia and Canada gave only about a third of the funding indicated by the analysis, while the UK
supplied three-quarters but still fell $1.4bn short.

The issue of climate finance will be critical to progress at the Cop27 summit, which began on
Sunday in Egypt. Developing countries did little to cause the climate
emergency, making funding from rich countries vital to create the trust
needed for combined global action.

The rich countries accept vulnerable
countries face a “life or death situation” and need far more than
$100bn but delivery of the money has been contentious and slow. The $100bn
was intended to support the cutting of carbon emissions and work to adapt
communities to the increasingly extreme weather being driven by global
heating. However, a series of reports last week have laid bare how close
the planet is to climate catastrophe, with “no credible pathway [of
carbon cuts] to 1.5C in place”, the internationally agreed temperature
limit to avoid the worst of the climate crisis.

 Guardian 7th Nov 2022

https://www.theguardian.com/global-development/2022/nov/07/us-uk-fall-billions-short-climate-funding-cop27

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November 7, 2022 - Posted by | 2 WORLD, climate change

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