Developing-countries climate finance targets missed

Reports from a key climate finance committee published by the United Nations Framework Convention on Climate Change (UNFCCC) show that, while overall global climate finance flows have increased, key targets to mobilise climate finance for developing countries have not been met.

Simultaneously, governments and multilateral institutions have been developing methodologies, policies, and approaches to improve the implementation of climate finance targets and scale up the effectiveness of climate finance from all sources globally, according to the reports.

The current target is to raise $100 billion per year.

In addition to financial reports, the UN has issued a report stating that countries have "no credible pathway" in place to reach 1.5°C.

A number of reports have been released to help guide government discussions at the UN Climate Change Conference COP27 in Sharm el-Sheikh, Egypt.

In a letter sent to all parties and observers on November 1, Minister of Foreign Affairs and COP27 President-elect Sameh Shoukry stated that there is a need for a stalk taking of the UNFCCC from the time it was adopted 30 years ago in order to better formulate expectations from the COP27.

He stated that this year's gathering comes at a critical time when the world is besieged with various crises ranging from geopolitical situations, spiralling food and energy prices, and a growing public finance and public debt crisis, adding that many countries are already grappling with the devastating effects of the COVID19 pandemic, all of which require immediate attention.

Shoukry observed that the frequency and intensity of climate change impacts are increasing, resulting in the daily news of distressing heatwaves and droughts, wildfires, cyclones, and floods, a situation that is undermining most development initiatives.

He stated that COP27 provides a once-in-a-lifetime opportunity for the world to come together, mend multilateralism, rebuild trust, and unite at the highest political levels to address climate change - with over 100 Heads of State and Government attending the leaders' summit, let us take advantage of what COP27 has to offer because we don't have much time.

He expressed concern that disagreements at the G20 environment meetings and the fall meetings of the IMF and World Bank Group had a negative impact on financial flows to developing countries to address the climate crisis.