Climate: Rich nations have dodged finance pledgeThe promise to gradually ramp up aid for the Global South to $100 billion per year by 2020 was first make at the 2009 UN climate summit in Copenhagen. But rich countries have not delivered on that pledge, a failure that could undermine a critical COP26 climate summit in Glasgow next month already riven with tensions, experts say. "If we can get a good perspective regarding the $100 billion, that would ... give us the means to make progress on some other issues." "The $100 billion target therefore needs to be seen as a floor and not as a ceiling," the added. The failure of rich nations to honour their pledge is especially galling in light of a separate track in the negotiations over "loss and damage", meant to cover the costs of climate-enhanced damages that have already occurred.
