Minister corralling $100B climate funds says he’s ‘cautiously optimistic’ on its delivery

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Canada’s environment minister says he is “cautiously optimistic” that he and his German counterpart will have enough to help fund a $100 billion climate change pledge ahead of an intensifying UN climate talks in Scotland next month. countries will be able to persuade.

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speak with of west block Mercedes Stephenson, Jonathan Wilkinson, said the fund, which has been set up specifically to help developing countries fight climate change, was an “important piece” in the architecture of the Paris Agreement.

According to Wilkinson, both Canada and Germany agreed to help out ahead of the 2021 United Nations Climate Conference, also known as COP26, after funding for the program slowed.

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Wilkinson said, “We’ve been spending a lot of time doing this over the past few months, and certainly in the last few days we’ve had meetings with a number of countries to fold their arms about being more ambitious with respect to climate finance. were.” who then spent several days in Milan for the final agenda of the conference.

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“I would say that I am cautiously optimistic that we will be able to work on that when we get to COP. But of course, we have some more work to do in the coming days.”

On Friday, Wilkinson said both Canada and Germany were making “considerable progress” in their efforts and had spent the past two days in Milan in a series of bilateral meetings with some of the world’s most powerful and richest nations.

More than 10 years ago, those same nations collectively agreed to raise $100 billion in climate financing a year by 2020 to help fund developing countries’ efforts to adapt and mitigate against climate change. was expressed.

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Last month, the OECD revealed that those developed countries were US$20 billion short of that US$100 billion target – and with the wealthier countries responsible for destabilizing the planet’s climate and warming it rapidly. were generating the majority of the emissions – Wilkinson and Germany’s Secretary of State for the Environment Jochen Flasbarth both agreed to help them cash out.

“I would say that we have made a lot of progress and of course Germany and Canada are working very hard to make sure that we can meet the $100 billion commitment,” Wilkinson told a telephone news conference from Milan on Friday. said during

While he confirmed that no fresh cash promises have yet been announced by other countries, he said he was assured by many of them about the upcoming funding commitments.

Fortunately for Wilkinson and Flasbarth, some of that gap was bridged before they began their efforts in July to round up the money.

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Canada pledged to double its funding to $1 billion a year over the next five years and Germany committed at least US$7 billion by 2025.

US President Joe Biden had also delivered on his promise to rejoin the Paris Agreement – an agreement endorsed by former President Donald Trump, ending US climate funding.

Biden, however, said he would double the US contribution to the fund by 2024, earning praise from Wilkinson, who said the financial commitment was “important” for him to achieve the $100 billion goal.

A report documenting what has been promised so far and how the rest are intended to be achieved by Wilkinson and Flasbarth is expected to be published later in October.

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“But at the end of the day, we are facing an existential threat,” Wilkinson said.

“It’s not a question of whether we reduce greenhouse gas emissions. It’s about how we do it.”

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