People, Environment
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Nations Squabble Over Climate Financing

Nations Squabble Over Climate FinancingNations Squabble Over Climate Financing

Developed nations have mobilized some $80-$90 billion per year to help the poorest survive a warmer world, delegates at Paris climate talks said, but emerging countries dispute the figures and say a goal of $100 billion by 2020 is far from reach.

The issue is central to UN talks in Paris, where nearly 200 nations are trying to forge a new pact on climate change, Reuters reported.

In October, the Organisation for Economic Cooperation and Development (OECD), which represents rich nations, calculated that financial pledges from the developed world totaled $62 billion in 2014 towards an agreed UN goal to reach $100 billion by 2020.

Since that report, new promises of funding have been made, including from Britain, France, Germany and Japan, the delegates said.

The OECD has yet to update its figures, but delegates at the UN talks said they had used the OECD methodology to analyze the new money.

One national finance expert, speaking on condition of anonymity, said the new total was some $94 billion, while non-governmental organization Oxfam said the figure was more like $82 billion.

Developing nations, such as India, have accused the West of a lack of transparency and say the OECD vastly over-estimated the size of contributions.

The arguments are bitter as developing nations fight for help to deal with weather impacts they say hit the poorest hardest.

Richer nations, meanwhile, say the world has changed since the 1997 Kyoto Protocol and countries such as China no longer count as emerging nations.

The OECD said it had sought to provide a robust methodology, but cautioned that projecting how much global climate money would be available by 2020 from a plethora of grants and loans, some public and some private, was complex.

Joe Thwaites, research analyst at the World Resources Institute, said many more details were needed on how donations were being counted, but the trend was positive.

 

Financialtribune.com