Donors: Meeting Fast-Start Climate Finance on Track

A globe. Rich countries say that they are on track to fulfill their pledge of mobilizing $30 billion worth of fast-start climate finance to help developing countries fight climate change. Photo by: lewishamdreamer / CC BY-NC

Rich countries say they are on track to fulfill their pledge of mobilizing $30 billion worth of fast-start climate finance to help developing countries fight climate change.

They have also reaffirmed their commitment to meet the agreed-upon spending target by 2012.

Donor countries, led by Japan, the United States and the European Union have disbursed $16.2 billion worth of climate finance since January 2010, Reuters says, citing data from climate spending reports submitted to the United Nations. Developing countries, however, argue that the bulk of this money was drawn from existing commitments and not new financing as pledged, the news agency adds.

At least one environment expert has noted that several environment-related projects announced by donors in the past year are not ambitious enough to help poor countries transition to greener economies.

On track

Japan, which made the biggest climate-related pledge at $15 billion, has said it is on track to fulfill this promise and pledged to continue to “faithfully implement” its commitment, despite the huge reconstruction cost the country is faced with in the aftermath of March’s earthquake and tsunami.

“We are sure that we can accomplish our  pledge,” Akira Yamada, the country’s representative to upcoming climate change talks in Germany, told Reuters.

Read more development aid news.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.