The US, UK, Canada and Australia have fallen billions of dollars short of their “fair share” of climate funding for developing countries, analysis shows.
The assessment, by Carbon Brief, compares the share of international climate finance provided by rich countries with their share of carbon emissions to date, a measure of their responsibility for the climate crisis.
Rich countries pledged to provide US$100bn a year by 2020, although this target has been missed. The US share of this, based on its past emissions, would be $40bn yet it provided only $7.6bn in 2020, the latest year for which data is available. Australia and Canada gave only about a third of the funding indicated by the analysis, while the UK supplied three-quarters but still fell $1.4bn short.
Because cash isn’t what is actually needed. Assume that everything said is in fact true. So, what needs to happen? The development of technologies that allow economic growth – there’s no other way the poor are going to get rich – without boiling the oceans. Those technologies are being developed. At great cost. The subsidies to solar for example. The feed in tariffs, the green subsidies on electricity bills, all that malarkey. We shouldn’t have done it that way, true, but we did. And solar is now much cheaper than it was. So, those costs of that subsidy, leading to that price reduction, are part of the gift of the rich countries to the poor. The same is true of the work done on batteries, on synthetic aviation fuel and on and on. Billoions upon billions are being spent to make the non-emitting techs cheaper. That’s a benefit to those poor countries. We need to count it. We don’t – therefore these figures are wrong.