In order to ensure that a strong climate change deal can be achieved this year it is “absolutely essential” that developed nations demonstrate how they can mobilise climate finance, according the energy and climate secretary Amber Rudd.
World leaders, businesses and organisations will meet in Paris later this year at a UN summit that aims to create a universal legally binding climate change treaty that will limit global warming. While progress towards a deal has been made it has been argued that countries are not pledging enough and negotiations are going too slow.
In 2010 developed countries pledged to mobilise $100 in climate finance each year by 2020 to help developing nations adapt to and mitigate the effects of climate change. However, research published last year suggested that the figure might have to increase by 50% by 2030 if global warming is to be limited to the internationally agreed 2C threshold.
Speaking at an event hosted by the Climate Coalition, according to the Guardian, Rudd said, “I think the most challenging element of getting a deal in Paris is demonstrating that we have corralled sufficient climate finance. I’m very involved with making sure that the [$100 billion] commitment is in place so we can give countries the confidence to sign up to the Paris deal in order to get the growth they need to take people out of poverty.
“Having evidence of that and being able to show we can mobilise if from 2020 is absolutely essential to getting a deal.”
She added that she was committed to ensuring an ambitious deal that is “as legally binding as possible” is secured in December.
While the $100 billion commitment may seem ambitious, studies have indicated that it is achievable. A paper from the World Resource Institute said the target could be met by brining together various sources of funding, including public and private sectors.
A separate study, from the London School of Economics, found that rich nations could pledge up to $2 trillion each year by mid-century without exceeding more than 2% of GDP or the finance provided being prohibitive.
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