But that promise was not fulfilled. In 2019, the latest year for which data is available, only about $80bn was provided. New data suggests the target was likely missed in 2020 and will probably also fall short in 2021 and 2022.
The data suggests countries may even mobilise more than $100bn a year from in 2024 and 2025, a gesture that some may perceive as an acknowledgment of the previous shortfall, although the report does not frame it as any form of compensation. Sky News understands that lawyers involved from the US, a donor country and historically the biggest emitter, had been reluctant to suggest the country had any legal liability for the funding., facing opposition from within his own party.
The timing of the publication, in the week before COP26 when leaders will attempt to hammer out new global commitments to stop runaway climate breakdown, is significant.Developing countries may be reluctant to sign up to global climate agreements or new deals if they perceive old promises were broken.
Iskander Erzini Vernoit, policy adviser at E3G, said:"For COP26 to be success in keeping 1.5 degrees alive, developing countries must feel not only that existing $100bn finance commitments have been kept, but also that much more is coming.""Some will say this is too little, too late, while others welcome the progress - but at the end of the day, this sum falls far below actual needs in the trillions.
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