Climate finance became the biggest stumbling block to moving forward at the high-stakes UN climate negotiations in Scotland in November. How the Group of 7 Rich Nations deals with the issue on Friday and Saturday may determine the outcome.
Why is this important: Providing the funding that has been pledged to developing countries could open up other important areas of conversation in Glasgow, such as setting more ambitious emission reduction targets for 2030.
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Go back: In 2015, developed countries pledged that starting in 2020, they would provide $ 100 billion a year to developing countries to help them cope with the effects of climate change and move their economies away from fossil fuels.
The big picture: Christiana Figueres, who chaired the Paris climate talks for the UN and is a founding partner of the NGO Global Optimism, told Bryan that the credibility of the G7 is at stake.
“Without trust, especially between the north and the south of the world, none of this will happen,” Figueres said.
Speaking of the $ 100 billion pledge, she said: “It’s a political pledge and therefore it has a very, very high symbolic value, because it really represents the confidence that the countries of the South can or can’t have in the global economy. That’s why it’s important. “
Between the lines: “He is a very important totemic figure to trust the word of these leaders,” Saleemul Huq, who heads a climate and development NGO in Bangladesh, said on a call with reporters.
“For me the problem is the credibility of world leaders, the seven biggest countries that made those promises, or whether we believe everything they say.”
The bottom line: “It is starting to sound like diplomatic incompetence among the rich countries, because $ 100 billion really on the scale of things is not an extraordinary amount of money, and it is not beyond our capacity. to keep that promise, to keep it, and then to extend it, ”said Rachel Kyte, dean of the Fletcher School at Tufts University.
What we are looking at: All eyes will be on the G7 leaders’ statement to spot any progress on this issue, including any new country specific monetary commitments.
Go further: CEOs push G7 on climate ahead of meeting
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