Category Archives: Climate finance

African countries urge rich nations to honour $100bn climate finance pledge

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Ministers rebuke ‘shameful’ failure to meet funding promises for poorer countries to cope with climate crisis ahead of Cop27 summit


Ministers and high-ranking officials of African nations have urged rich countries to do more to combat the climate crisis, and called the failure to meet a funding promise from 2009 “shameful”.

At a conference in Giza, Egypt, on Wednesday in the run-up to next month’s UN climate summit, Wael Aboulmagd, Egypt’s special representative for Cop27, attacked wealthier nations for not honouring an agreement to provide $100bn (£87.5bn) a year to developing countries by 2020.

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Egypt says climate finance must be top of agenda at Cop27 talks

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Host of November’s summit wants focus to be on ‘moving from pledges to implementation’

Financial assistance for developing countries must be at the top of the agenda for UN climate talks this year, the host country, Egypt, has made clear, as governments will be required to follow through on promises made at the Cop26 summit last year.

Egypt will host Cop27 in Sharm el-Sheikh in November. The talks will take place in the shadow of the war in Ukraine, as well as rising energy and food prices around the world, leaving rich countries grappling with a cost-of-living crisis and poor countries struggling with debt mountains.

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Hit $100bn target or poor countries face climate disaster, the Gambia tells Cop26

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West African nation’s environment minister says richer countries must finally honour funding commitment made at Cop15 in 2009

Rich countries must hit their $100bn climate finance target in the last week of Cop26 or it will be catastrophic for the poorest nations suffering the most from the climate crisis, the Gambian environment minister has warned.

In an interview with the Guardian as he prepared to leave for Glasgow, Lamin B Dibba urged developed countries to finally honour the annual funding commitment that was made 12 years ago at the Copenhagen climate summit (Cop15) – but which has never been achieved.

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India sets target of net zero by 2070 at Cop26 – live

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World leaders have convened on Glasgow for the first day of the UN’s climate conference

Travel chaos hampered many delegates and observers’ arrival in Glasgow for Cop26 yesterday, with a tree on the tracks taking out the west coast main line for a large part of the day. Trains on the east coast line were also delayed after overhead wires near Peterborough sustained damage.

Guardian reporters Patrick Greenfield (who ended up having to hire a van from Luton and drive to Glasgow) and Phoebe Weston (who endured a heavily delayed journey up the east coast line) have more details here.

1. The arrival. Here we go again. Teams of jet-lagged lobbyists, diplomats, journos, bankers and business folk queue with delegations of indigenous peoples and youth groups, lawyers, NGOs and economists to enter the parallel universe that is a UN climate Cop. Within hours, the complaints will start about the price of coffee, the distance between meeting rooms, the Glaswegian accents, the rain, the trains, the traffic, the UN security, the heavy policing and the dearth of good restaurants.

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Wealthy nations urged to meet $100bn climate finance goal

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Countries must close gap on funding target for developing countries says European Commission president

The European Commission president has urged wealthy countries to close the gap to meet a $100bn annual climate finance target for developing nations a year earlier than expected.

Speaking before crucial meetings on the climate emergency at the G20, and at the UN Cop26 talks, the president, Ursula von der Leyen, said rich countries had “to try harder” to close the shortfall in climate finance.

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Poorest countries to gain from new climate funding plan to break Cop26 impasse

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Climate finance plan needed to gain backing of developing nations for any deal at Glasgow talks

The world’s poorest countries are set to benefit from a new climate funding plan to help them cope with the impacts of climate breakdown, in an effort to break the impasse between developed and developing countries at the UN Cop26 climate summit

The UK government, as Cop26 host, will unveil the proposals on Monday along with ministers from Germany and Canada, who have been charged with drawing up a plan for climate finance, needed to gain the backing of scores of developing countries for any deal at the talks, which open in Glasgow next Sunday.

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Meeting Cop26 finance goals ‘going to be tough’, says Boris Johnson

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Prime minister estimates just 60% chance of securing $100bn in aid pledges before Glasgow conference

Boris Johnson has said he fears there is only a 60% chance that the $100bn in climate finance viewed as key to securing an ambitious outcome to the Cop26 summit will be in place by the time world leaders meet in Glasgow in November.

Speaking to journalists en route to New York at the start of a three-day visit to the US, in which he hopes to “galvanise” progress towards a new climate deal, the prime minister said he would be urging developed countries to come forward with additional funding.

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‘Use your £11bn climate fund to pay for family planning,’ UK told

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More than 60 NGOs call for spending rule change, saying people on frontline of climate crisis want greater access to reproductive healthcare

The UK government has been urged to open up its £11bn pot of climate funding to contraception, as research from low-income countries shows a link between poor access to reproductive health services and environmental damage.

In a letter to Alok Sharma, president of the UN Cop26 climate conference, an alliance of more than 60 NGOs has called for the funding eligibility rules to be changed to allow projects concerned with removing barriers to reproductive healthcare and girls’ education to access climate funds.

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Rich countries must update financial vows to tackle climate crisis, says UN

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Patricia Espinosa says fulfilling $100bn-a-year promise must be top priority to support developing world

Rich countries must step up with fresh financial commitments to help the developing world tackle the climate crisis, the UN’s climate chief has said.

Patricia Espinosa, executive secretary of the UN Framework Convention on Climate Change, said that fulfilling pledges of financial assistance made a decade ago must be the top priority before vital climate talks – Cop26 – later this year.

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Banks around world in joint pledge on ‘green recovery’ after Covid

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Climate finance goals declared but campaigners highlight omissions over fossil fuels and poor nations’ support

The world’s publicly financed development banks have pledged to tie together their efforts to rescue the global economy from the Covid-19 crisis and the climate emergency, using their financial muscle to assist a green recovery for poor countries.

But the banks stopped short of pledging an end to fossil fuel finance, and did not set out firm targets for how much funding they would devote to a green recovery in a declaration signed on Thursday by 450 development banks worldwide.

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Climate finance driving poor countries deeper into debt, says Oxfam

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Countries that did least to cause crisis having to take loans to protect themselves, says charity

Billions of dollars are being loaned on high-interest terms to poor countries seeking help to cope with the impacts of climate breakdown, according to an Oxfam report.

The loan terms risk storing up debt burdens lasting far into the future, the charity says.

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Boss vows to tackle misconduct claims at UN Green Climate Fund

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Yannick Glemarec responds to FT report of 40 complaints including racism and sexism

The head of the UN’s climate finance body has pledged to tackle complaints of misconduct at the organisation “as a matter of urgency”, after such claims against unidentified staff members were published.

Yannick Glemarec, the executive director of the Green Climate Fund, told the Guardian: “We need to continue working on building the culture of the organisation. Trust is key for our organisation.”

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