Rich countries are failing to meet the climate funding pledge that they made to deliver $100 billion (£77.9 million) in climate-related public aid for poorer nations.
A report that was released by the United Nations unveiled that in 2016, rich nations had donated approximately $55 billion, which rises to more than $70 billion if private capital is included, however, it said that is still some way off the promised amount.
In 2015, the guarantees over the provision of $100 billion was a significant part of the convincing poorer nations to sign up to the Paris climate agreement.
During a U.N. climate discussion way back in 2009, wealthy nations agreed to raise $100 billion per year by 2020 to support the efforts that are being made by vulnerable, poorer countries to shift their economies onto a greener path and adapt to more extreme weather and rising seas.
It is only one of the disagreements that were noted between the nations, with this year’s discussions in Poland set to discuss issues that will include deciding the rulebook that was agreed in France.
This week, South Africa, Brazil, China, and India have raised their concerns regarding the nations who are not meeting their financial commitments.
Harsh Vardhan, the environment minister of India, stated: “The developed countries seem to be shedding their responsibilities in pre-2020 period and delaying climate action, which is neither in accordance with the agreed principles nor the latest scientific findings on climate change.”
In a joint statement, the countries also said: “Finance is one of the critical enablers of climate actions in developing countries.”
The said report revealed that there has been an increase of 20 percent in climate finance from private and public sources between the period of 2015 and 2016.
On Friday, analysts said that cash from rich nations to help the developing world tackle climate change has substantially increased in recent years, putting them on track to meet a politically important 2020 U.N. target to go green and adapt to wild weather.