Germany and Canada co-lead Climate Finance Delivery Plan for COP26
5 November 2021
On 25 October 2021, the UK COP26 Presidency published the Climate Finance Delivery Plan to demonstrate how and when developed countries will deliver on their pledge to jointly mobilize USD 100 billion annually by 2020. The plan was co-led by Canada and Germany, with Canada’s Minister of Environment and Climate Change, Jonathan Wilkinson, and Germany’s State Secretary at the Ministry for the Environment, Nature Conservation and Nuclear Safety, Jochen Flasbarth, spearheading the effort.
At COP15 in 2009, developed country Parties to the United Nations Framework Convention on Climate Change (UNFCCC) committed to mobilizing USD 100 billion a year by 2020 to address the climate needs of developing countries. However, a recent report from the Organization for Economic Cooperation and Development (OECD) showed that climate finance amounted to USD 70.9 billion in 2019 and that the necessary USD 20 billion increase for 2020 was almost certainly not achieved, though this cannot be confirmed until 2022.
In light of these figures, Canada and Germany co-led a process to encourage additional climate finance pledges prior to COP26 and to devise a roadmap for how and when developed countries will achieve the USD 100 billion goal. The process was supported by the full group of developed countries contributing towards the climate finance goal.
The process collected data from developed countries and multilateral development banks and also used expert analysis from the OECD in order to develop an estimated trajectory of climate finance in 2021-2025. It also sets out guiding principles for collective qualitative actions for developed countries to take in order to improve on their delivery of climate finance. Data from the forward-looking Delivery Plan show that developed countries will make significant progress in 2022 and achieve their goal in 2023, mobilizing over USD 100 billion annually thereafter.
Annual projections towards the USD 100 billion goal
Source: UK COP26