Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Finance

Africa calls for climate finance tracker after donors fall short

2021 10 19T071408Z 1 LYNXMPEH9I09R RTROPTP 4 CLIMATE CHANGE BRITAIN PROTESTS 1 - Global Banking | Finance

By Alessandra Prentice

LIBREVILLE (Reuters) – African countries want a new system to track funding from wealthy nations that are failing to meet a $100-billion annual target to help the developing world tackle climate change, Africa’s lead climate negotiator said.

The demand highlights tensions ahead of the COP26 climate summit between the world’s 20 largest economies, which are behind 80% of greenhouse gas emissions, and developing countries that are bearing the brunt of the effects of global warming.

“If we prove that someone is responsible for something, it is his responsibility to pay for that,” said Tanguy Gahouma, chair of the African Group of Negotiators at COP26, the United Nations climate summit in Glasgow, Scotland, which starts on Oct. 31.

In 2009, developed countries agreed to raise $100 billion per year by 2020 to help the developing world deal with the fallout from a warming planet.

The latest available estimates from the Organisation for Economic Co-operation and Development (OECD) show this funding hit $79.6 billion in 2019, just 2% more than in 2018.

The OECD data shows Asian countries on average received 43% of the climate finance in 2016-19, while Africa received 26%. Gahouma said a more detailed shared system was needed that would keep tabs on each country’s contribution and where it went on the ground.

“They say they achieved maybe 70% of the target, but we cannot see that,” Gahouma said.

“We need to have a clear roadmap how they will put on the table the $100 billion per year, how we can track (it),” he said in an interview on Thursday. “We don’t have time to lose and Africa is one of the most vulnerable regions of the world.”

Temperatures in Africa are rising at a faster rate than the global average, according to the latest U.N. climate report. It forecasts further warming will lead to more extreme heatwaves, severe coastal flooding and intense rainfall on the continent.

Even as wealthy nations miss the $100 billion target, African countries plan to push for this funding to be scaled up more than tenfold by 2030.

“The $100 billion was a political commitment. It was not based on the real needs of developing countries to tackle climate change,” Gahouma said.

World leaders and their representatives have just a few days at the summit in Glasgow to try to broker deals to cut emissions faster and finance measures to adapt to climate pressures.

African countries face an extra challenge at the talks because administrative hurdles to entering Britain and to travelling during the coronavirus pandemic mean smaller than usual delegations can attend, Gahouma said.

“Limited delegations, with a very huge amount of work and limited time. This will be very challenging,” Gahouma said.

(Reporting by Alessandra Prentice; Editing by Aaron Ross and Janet Lawrence)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post