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Climate Change: Finance

Question for COP26

UIN 52461, tabled on 21 September 2021

To ask the President of COP26, what assessment his Department has made of (a) how to meet the shortfall in the $100 billion climate finance commitment and (b) how that cost should be distributed across developed countries.

Answered on

6 October 2021

The OECD figures recently published showed that developed countries were still significantly short of the $100 billion goal in 2019, mobilising $79.6 billion. We have seen recent progress. President Biden’s recent announcement that the US is doubling their climate finance to $11.4 billion by 2024 is a major step towards the achievement of the $100 billion goal. However, we need all developed countries to step up with enhanced pledges, and the Presidency is continuing to encourage developed countries to increase their commitments, including to feed into the Germany-Canada led Delivery Plan.

The UK is ensuring a large majority of our international climate finance is grant-based. We are pressing other donor countries for similarly ambitious commitments. Under our G7 Presidency, the G7 committed to scaling up adaptation finance, and we have seen concrete new individual pledges from Canada, Japan, the US, and Denmark in recent months to this effect. The UK has committed to delivering a balance through our scaled up ICF and has joined the Champions Group on Adaptation Finance, composed of donors committed to delivering a balance of adaptation in their climate finance in response to calls from developing countries.

Answered by

COP26