In December 2009, developed country parties to the U.N. Framework Convention on Climate Change in Copenhagen, Denmark, made a seemingly lofty pledge to the world: raise $100 billion a year by 2020 to support climate action in developing countries and make the world a much safer place to live in.
Nearly six years later, money mobilized for climate financing is nowhere near that target, despite an early $30 billion commitment during the fast-start finance period. Even the Green Climate Fund, considered a major vehicle to bankroll global climate finance, has only been able to raise $10.2 billion last year — money that will be spent over a three-year period.
Beyond the fact that the world is woefully off track in meeting this ambitious target, renowned economist Jeffrey Sachs believes there are two major problems surrounding this lofty pledge: lack of honesty, and that $100 billion a year is still too small to make an impact.
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About the author
Lean Alfred Santos@DevexLeanAS
Lean Alfred Santos is a former Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. He previously covered Philippine and international business and economic news, sports and politics.
