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COP23 ups pressure on climate finance

14 November 2017397

Organised by the Fiji islands and hosted by Germany, COP23 is expected to highlight adaptation solutions for countries that are the most vulnerable to storms and sea level rise.

According to EurActiv, southern countries have denounced a genuine gap between the promises of financing and their realisation. This is a recurring refrain at COP meetings. But the urgency is being felt more acutely in 2017 since the year is the hottest year on record currently.

For now, the OECD has identified around €43 billion of funding of the €100 billion that  Northern countries had promised annually to southern nations by 2020.

But everything depends on what is counted for. For Armelle Lecomte of Oxfam, “we are still very far from the total”.

According to the development aid NGO, less than $15 billion has been collected for the time being, even if some actors put their money where their mouth is. This is the case of the Green Climate Fund, which announced Monday it had committed $2.2 billion in expenditures, and had more than $41 billion worth of projects in sight.

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