The pledge of a wealthy nation giving $100 billion started in 2009 but for the last three years, targets are not met.
In the year 2023, wealthy nations could meet their pledge of giving $100 billion to the vulnerable countries who can be majorly hit by the environmental change. This fund is to be given to help those countries build resilience against climate change.
The pledge of a wealthy nation giving $100 billion was made back in 2009 but for the last three years, they are failing to meet the target. According to the most recent OECD figures available, wealthy nations contributed $83.3 billion in 2020, falling $16.7 billion short of the goal. Though, the countries are coming together to give as per the target this year.
However, Germany's foreign minister Annalena Baerbock has said that this time, it can be fulfilled. This statement came after a meeting of the nations regarding the same.
The countries have been continuously failing in breaching their target for last three years but Baerbock has said that it could be finally possible to meet the target. He was quoted, “The good news is that it looks like we are on track to finally reach the sum of $100 billion this year.”
US climate envoy John Kerry expressed a similar opinion when he said that the nations were on track to fulfil their commitment. But he had said that it wouldn't happen until 2023. US President Joe Biden has pledged to quadruple the amount of money allocated for climate change from Barack Obama's 2009–2017 administration to over $11 billion annually.
Sultan al-Jaber, the United Arab Emirates' president-designate of this year's U.N. climate talks addressed the issue and said the delays in funding are causing hindrance in the progress of the nations as well as creating mistrust. "The bar has been raised. Trust is low," Sultan remarked, adding that since the 2009 commitment, the actual worth of the $100 billion has decreased.
At the Conference of Parties (COP27) in Sharm-El-Sheikh, Egypt last year, India made an announcement about its long-term low-emission development strategy. The subject of climate financing was also brought up by New Delhi, which stated that the developed nations' provision of it will play a crucial role and "needs to be considerably enhanced."
