Two hundred countries finalized an agreement during COP26 in Glasgow, Scotland to limit global warming. In 2009, developed countries promised $100 billion of annual climate funding to developing countries by 2020. According to the OECD, funding estimates will not be met before 2023. The agreement expresses regret about the missed finance target and calls for increasing support for developing countries.
“The climate summit agreement recognizes the urgency of reaching the $100 billion target for developing countries and the reality that more support is needed,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. "Debt relief can be an important resource for us to reach the levels of support developing countries need."
The Glasgow outcome noted concern with heightened debts as developing countries respond to the COVID crisis. The agreement asks development banks and lenders to consider climate vulnerabilities in determining access to aid and global reserve funds known as Special Drawing Rights.
One provision advocated by developing countries failed to make it in the final COP26 agreement. An agreement failed on compensation for developing countries experiencing damage from extreme climate-driven weather events. Instead the summit outcome foresees a new body to offer technical assistance for developing countries combating the effects of climate change.
“Many developing countries are dealing with more frequent natural disasters," stated LeCompte. "We need processes to support vulnerable countries as they face more extreme weather events caused by climate change."
The deal proposes setting a new climate finance and aid goal by 2025. Some countries believe more than a trillion dollars is needed.
Read Jubilee USA's press release on climate funding and COP26 here.
Read Jubilee's new research on climate risks and COP26 here.