Biden to deliver “Good News” on the $100 Billion UN climate fund

The United Nations source stated Monday following a closed-door meeting with countries on the sides of the general assembly.

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Biden to deliver

The United Nations source stated Monday following a closed-door meeting with countries on the sides of the general assembly. US President Joe Biden will reveal the “excellent news” about tackling a $100 billion global climate Fund shortage.

His Climate Envoy, John Kerry, was represented at the meeting held by UK and United Nations Chief Antonio Guterres, who would deliver his first speech at the World Corps as America’s leader on Tuesday.

Also Read: COP26 should focus on climate finance in scope, scale and speed and transfer of green technologies at low cost says India at UN

Ahead of the Paris agreement, developed countries pledged to mobilize $100 billion a year from 2020 to support poorer nations with climate adaptation, but there is currently around a $20 billion shortfall.

“We did hear from the US representative in the room that… some good news was imminent,” the UN official said, adding there were “really positive views and signals coming from the US representative.”

“We don’t have the details, of course, but hopefully it will help to provide that clarity on how the US intends to step up to support the mobilization of the $100 billion.”

Following a number of recent scientific publications on the global climate front that gave a bleached picture of the future of the earth, greenhouse gases are continuing to spread at alarming rates by the world’s major pollutants.

British Prime Minister Boris Johnson co-hosted the summit, which would provide $100 billion every year from 2020 to 2025, has taken the leaders to work out their failure to respect their commitments to the fund. Britain for its part trumpeted its $15 billion climate finance pledges over the next five years and announced Monday that $750 million of that would be allocated to supporting developing countries to meet net-zero targets and end the use of coal.

“We’re the guys who created the problem — the industrial revolution started more or less in our country,” said Johnson.

“So of course, I understand the feelings of injustice in the developing world… But I say to them, that’s why we’ve got to get the funding to help you to make the progress that you need.”

The summit was held in the days of Guterres warning the world that the heating of 2.7°C is “catastrophic,” after last week’s latest UN bombshell report. The figure would break down the Paris climate agreement temperature targets, which were intended to heat far below 2C and preferably at 1.5C above the pre-industrial level.

He dubbed the Johnson Conference “a wake-up call for a sense of urgency about the terrible situation of the global climate process ahead of COP26,” he told reporters. The secretary-general has also called on “many rising economies” to “go an additional mile,” acknowledging that the “developing countries must take the lead.”This means China, India, Brazil, Russia, Indonesia, and South Africa. This includes many other countries.

By 2050, with significant reductions until 2030, the Paris Convention aims for net-zero emissions to achieve the 1.5C target. With just 1.1 C so far, the world has witnessed a range of fatal climate disasters, from asphalt-melting heatwaves and flash-wetlands to untouchable wildfires, intensified in recent months.

NDTV

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Biden to deliver "Good News" on the $100 Billion UN climate fund
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The United Nations source stated Monday following a closed-door meeting with countries on the sides of the general assembly.
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THE POLICY TIMES
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