Five priorities for a meaningful post-2025 climate finance target

(Climate Change News, 13 Sep 2022) About one third of Pakistan is under water, following an extreme heatwave that melted glaciers and unusually heavy monsoon rainfall. More than 6 million people are in urgent need of humanitarian assistance, according to the UN.

UN secretary general António Guterres cited estimates Pakistan needs “$30 billion and counting” to respond to the unfolding crisis. 

Multiple climate hazards and risks to nature and humans will increase even if we manage to limit global warming to 1.5C by the end of the century, the most ambitious goal of the Paris Agreement. The more the world warms, the worse it will get: Massive investments are needed to reduce emissions – limiting warming as much as possible – and to adapt to climate change.  

It is unsurprising, then, that Egypt is set to make climate finance the focus of the UN climate change conference Cop27, which the North African country will host in two months’ time. 

Industrialized countries pledged to mobilize $100 billion a year by 2020 to support developing countries in their climate efforts. They fell short of that target, mobilizing only $83.3 billion in 2020. That’s according to donors’ own data compiled by the Organisation for Economic Cooperation and Development (OECD). 

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Climate Change News, 13 Sep 2022: Five priorities for a meaningful post-2025 climate finance target