OTTAWA - Developed nations are set to be three years late meeting a pledge to commit a total of $500 billion to help poorer countries tackle climate change and realize this has damaged mutual trust, Alok Sharma, the president of the upcoming COP26 climate conference, said on Monday.
Climate finance is a crucial issue for the summit, which is aiming for more ambitious commitments from states to limit warming. Failure to meet the target is a symbol of broken past promises that complicate efforts to set goals for ramping up climate aid. Canada and Germany said they expected significant progress to be made in 2022 and were confident the $100 billion annual goal would be met in 2023.be able to mobilize more than $100 billion per year thereafter," they said in the 12-page plan, adding that the private sector had not come up with as much money as expected.
"The scale of the challenge with respect to both mitigation and adaptation is one that eventually will require trillions of dollars," said Canadian Environment Minister Jonathan Wilkinson, one of the plan s co-authors.
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