Where is the money? Climate finance shortfall threatens global warming goals

(Reuters, 16 Sep 2021) Time is running out for rich governments to deliver on unmet funding promises before COP26 climate talks, with many developing nations saying their emissions cuts depend on it.

For a storm-prone developing country like the Philippines, receiving international funding to protect its people from wild weather and adopt clean energy is not only an issue of global justice - the money is essential to deliver on its climate plan.

Without promised support, many vulnerable poorer nations - battered by the economic impacts of COVID-19 and surging climate disasters - say they simply cannot take more aggressive action to cut planet-heating emissions or adapt to a warmer world.

The Philippines, for example, has pledged to reduce its emissions 75% below business-as-usual levels by 2030.

But only about 3 percentage points of that commitment can be delivered with its own resources, its national climate plan says. The rest will require international finance to make sectors like farming, industry, transport and energy greener.

"Environmental groups say our (target) is unambitious because it's highly conditional. What they don't see, however, is what we submitted is what is doable for the Philippines," said Paola Alvarez, a spokesperson at the Department of Finance.

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Reuters, 16 Sep 2021: Where is the money? Climate finance shortfall threatens global warming goals

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