{"id":44884,"date":"2021-09-21T17:13:27","date_gmt":"2021-09-21T16:13:27","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=44884"},"modified":"2021-09-21T17:13:27","modified_gmt":"2021-09-21T16:13:27","slug":"us-double-climate-finance-gap-remains-100bn","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2021\/09\/21\/us-double-climate-finance-gap-remains-100bn\/","title":{"rendered":"US to double climate finance again, but gap remains to $100bn"},"content":{"rendered":"<p><b>The US will double its climate finance contribution to $11.4 billion a year by 2024, president Joe Biden announced at the UN General Assembly on Tuesday.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">During a speech at the UN in New York, Biden said his administration would work with Congress to double its <a href=\"https:\/\/www.climatechangenews.com\/2021\/04\/22\/us-pledges-double-international-climate-finance-earth-day-summit\/\">April pledge<\/a> of $5.7bn and <\/span><span style=\"font-weight: 400;\">&#8220;make the US a leader in international climate finance&#8221;.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new pledge is a significant increase on previous US climate finance contributions and <\/span><a href=\"https:\/\/www.nrdc.org\/media\/2021\/210920-0\"><span style=\"font-weight: 400;\">in line with some green groups&#8217; demands,<\/span><\/a><span style=\"font-weight: 400;\"> but does not single handedly close the global funding gap.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis is a welcome, much-needed demonstration of the commitment by the United States to global climate action and solidarity,&#8221; said Helen Mountford, from the World Resources Institute. &#8220;It should provide a positive jolt ahead of Cop26, at a time when international solidarity is badly needed.&#8221;<\/span><\/p>\n<blockquote>\n<style type=\"text\/css\">\n<p>                #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; }<\/p>\n<p>                \/* Add your own Mailchimp form style overrides in your site stylesheet or in this style block.<\/p>\n<p>                   We recommend moving this block and the preceding CSS link to the HEAD of your HTML file. *\/<\/p>\n<\/style>\n<div id=\"mc_embed_signup\">\n<form id=\"mc-embedded-subscribe-form\" class=\"validate\" action=\"https:\/\/climatehomenews.us1.list-manage.com\/subscribe\/post?u=6316d25f7b68919349e54a251&amp;id=bf939f9418\" method=\"post\" name=\"mc-embedded-subscribe-form\" novalidate=\"\" target=\"_blank\">\n<div id=\"mc_embed_signup_scroll\">\n<p><label for=\"mce-EMAIL\">Want climate news in your inbox? Sign up for free to get our weekly newsletter and occasional extra bulletins<\/label><input id=\"mce-EMAIL\" class=\"email\" name=\"EMAIL\" required=\"\" type=\"email\" value=\"\" placeholder=\"your email address\" \/><\/p>\n<div style=\"position: absolute; left: -5000px;\" aria-hidden=\"true\"><input tabindex=\"-1\" name=\"b_6316d25f7b68919349e54a251_bf939f9418\" type=\"text\" value=\"\" \/><\/div>\n<div class=\"clear\"><input id=\"mc-embedded-subscribe\" class=\"button\" name=\"subscribe\" type=\"submit\" value=\"Subscribe to Climate Weekly\" \/><\/div>\n<\/div>\n<\/form>\n<\/div>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Rich countries are thought to have missed a collective target to deliver $100bn annually by 2020 to help vulnerable countries reduce their emissions and cope with climate impacts. According to the <\/span><a href=\"https:\/\/climatechangenews.com\/2021\/09\/17\/latest-data-shows-rich-countries-little-closer-100bn-climate-finance-promise\/\"><span style=\"font-weight: 400;\">OECD<\/span><\/a> analysis of the most recent complete dataset<span style=\"font-weight: 400;\">, climate finance flatlined in 2019, leaving a $20bn gap that is unlikely to have closed since the coronavirus pandemic hit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over the past decade, the US has been a<\/span><span style=\"font-weight: 400;\"> laggard when it comes to climate finance. Former president Barack Obama pledged $3bn to the Green Climate Fund, the UN\u2019s flagship climate finance initiative, but delivered just $1bn before leaving office.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">His successor Donald Trump reneged on that pledge and in 2017-18 the US delivered less climate finance than France, Germany, Japan or the UK despite having an economy larger than all of them combined.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At a leaders&#8217; summit held on Earth Day in April, <\/span><a href=\"https:\/\/www.climatechangenews.com\/2021\/04\/22\/us-pledges-double-international-climate-finance-earth-day-summit\/\"><span style=\"font-weight: 400;\">Biden promised to double finance<\/span><\/a><span style=\"font-weight: 400;\"> from Obama-era levels to $5.7bn, with $1.5bn earmarked for adaptation. The pledge was criticised as inadequate by campaigners.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;The increased US contribution reduces the shortfall, but is not enough to meet the goal agreed at Copenhagen,&#8221; Sarah Colenbrander, director of climate at the Overseas Development Institute (ODI), told Climate Home News.<\/span><\/p>\n<blockquote><p><a href=\"https:\/\/www.climatechangenews.com\/2021\/09\/15\/eu-commits-e4-billion-climate-vulnerables-calls-us-step\/\"><strong>EU<\/strong> commits \u20ac4 billion more to climate vulnerables, calls on the US to step up<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The US&#8217; new commitment does not reflect its fair share of the $100 billion climate goal, said Colenbrander. Based on its gross national income and cumulative emissions, the US should be providing between $43-50bln each year in climate finance, according to <a href=\"https:\/\/odi.org\/en\/publications\/a-fair-share-of-climate-finance-apportioning-responsibility-for-the-100-billion-climate-finance-goal\/\" target=\"_blank\" rel=\"noopener noreferrer\">ODI analysis<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;Most of the remaining shortfall can be attributed to Australia, Canada, Japan, Italy and the UK. Each of these countries should be mobilising an additional $2-4 billion a year to fulfil their fair share of the current climate finance goal,&#8221; said Colenbrander.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Several NGOs subscribe to an even higher estimate of what the US owes to the developing world, based on need and the damage caused by its historic emissions: <a href=\"https:\/\/1bps6437gg8c169i0y1drtgz-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/04\/USA_Fair_Shares_NDC.pdf\">$800bn over the decade to 2030<\/a>. Karen Orenstein, director of the climate and energy justice programme at Friends of the Earth, said the new pledge was &#8220;extraordinarily insufficient compared to the need and out of line with what climate science and justice demand&#8221;.<\/span><\/p>\n<p>&#8220;Almost all rich countries, apart from Luxembourg, Norway and Sweden, need to commit more,&#8221; said John Nordbo from Care International. &#8220;We are inching forward on this issue, but the problem is that meanwhile, thousands more people are being displaced or dying. Climate-induced famine is destroying Madagascar, floods are sweeping across an already war torn Yemen&#8230; Considering how much money these countries have made from carbon emission-creating industries, not one of them is moving fast enough.\u201d<\/p>\n<p><span style=\"font-weight: 400;\">In his speech to the UN, Biden said that the world was approaching a &#8220;point of no return&#8221; and reeling from &#8220;<\/span><span style=\"font-weight: 400;\">widespread death and devastation from the borderless climate crisis&#8221;. <\/span><span style=\"font-weight: 400;\">He urged all nations to bring their &#8220;highest possible ambitions to the table&#8221; when leaders meet at Cop26 in Glasgow, UK in November.<\/span><\/p>\n<p>Cop26 president Alok Sharma &#8220;strongly welcome[d]&#8221; Biden&#8217;s announcement on Twitter.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Strongly welcome <a href=\"https:\/\/twitter.com\/POTUS?ref_src=twsrc%5Etfw\">@POTUS<\/a> further doubling &#x1f1fa;&#x1f1f8;climate finance commitment to over $11bn by 2024<\/p>\n<p>This demonstrate the increased ambition required to deliver on the $100bn\/year goal<\/p>\n<p>We must build on this momentum<a href=\"https:\/\/twitter.com\/hashtag\/UNGA?src=hash&amp;ref_src=twsrc%5Etfw\">#UNGA<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/COP26?src=hash&amp;ref_src=twsrc%5Etfw\">#COP26<\/a><\/p>\n<p>\u2014 Alok Sharma (@AlokSharma_RDG) <a href=\"https:\/\/twitter.com\/AlokSharma_RDG\/status\/1440328016903565318?ref_src=twsrc%5Etfw\">September 21, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"Joe Biden announced an increased US contribution to climate action in developing countries at the UN general assembly on 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