Sep 20, 2021 - Energy & Environment

More warning signs ahead of COP26

Climate finance for developing countries
Data: OECD; Chart: Jared Whalen/Axios

Two new reports show the gap between multilateral climate goals and what's actually happening.

Driving the news: OECD data shows developed economies are falling short of a 2009 pledge to mobilize $100 billion annually by 2020 to help developing nations cut emissions and adapt to warming.

  • Some developing countries view the fulfillment of the pledge as a prerequisite to offering new, more stringent emissions targets.

What they're saying: "The limited progress in overall climate finance volumes between 2018 and 2019 is disappointing, particularly ahead of COP26," Mathias Cormann, secretary-general of OECD, said in a statement Friday.

  • While complete 2020 data isn't yet available, "it is clear that climate finance will remain well short of its target," he said.

Threat level: A separate U.N. report Friday warns that even if current national emissions pledges are implemented, global emissions are slated to rise by 16% by 2030 compared to 2010 levels.

Go deeper: UN warns of "catastrophic" climate change failure without more emissions cuts

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