As the climate summit approaches its final days in Scotland, 200 countries negotiate an agreement to combat climate change. A key outstanding item is enacting the 2015 Paris agreement pledge to provide $100 billion to developing countries annually to deal with climate challenges. The OECD forecast that the financing pledge won't be met until 2023.
“Developing countries are dealing with a range of climate driven challenges from natural disasters to food shortages,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. “We can't wait years for developing countries to get funding to combat the climate crisis. The crisis is now.”
During COP26, Jubilee USA pushed world leaders to consider debt relief and using IMF emergency currency, or Special Drawing Rights, to fund the climate financing targets.
“World leaders should be looking at a range of ways to support funding for developing countries to deal with the climate crisis,” noted LeCompte.
China and the US released a declaration pledging cooperation for a successful conference outcome and recognizing the importance of the $100 billion commitment.