And there are countries that have not submitted the amounts they have pledged so far, and analysts say that some of them have paid more than their “fair share”, while other countries say that they do not have to pay at all.
What countries provide this financing?
The list of countries obligated to contribute dates back to the 1992 UN climate talks, and the list has not been expanded since.
The list includes 23 countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Britain and the United States.
The list also included the European Economic Community, which existed before the European Union.
Among the countries not on the list are China, which has the second largest economy in the world today, as well as countries with high per capita wealth such as the UAE.
Which states pay their fair share?
UN rules do not specify how much money every rich country has to pay.
The London-based Overseas Development Institute (ODI) estimates how much funding each rich country must pay to reach the $100 billion annually target that rich nations jointly pledged, based on each country’s national income, carbon dioxide emissions since 1990 and its population.
According to this analysis, only seven countries paid their “fair share” in 2020, namely Denmark, France, Germany, Japan, the Netherlands, Norway and Sweden.
According to the institute’s ranking, the United States lags behind all other developed countries when comparing its past contributions to climate finance with what its “fair share” is supposed to be.
Contributions in 2020 included $8.66 billion from France and $16.09 billion from Japan.
On the other hand, the United States provided $ 2.3 billion in 2020, and Washington pledged $ 11.4 billion for 2025, but the institute indicated that this represents only 25 percent of the “fair share” of the United States.
The European Union, made up of 27 countries, is the largest contributor to climate finance, providing 23.38 billion euros ($26.15 billion) in 2020.
These amounts do not include all climate-related funds, such as the amount of funding these countries allocate to projects related to this issue.
Nor does it reflect how much countries are spending at home to reduce carbon dioxide emissions, which cause global warming.
The United States approved a bill to reduce inflation, which includes the allocation of $ 430 billion, and includes major provisions for reducing emissions and expanding the use of low-carbon technologies.
High costs
The issue of financing is expected to come to the fore at the climate conference in November in the UAE, when about 200 countries will discuss the creation of a fund to support countries most at risk of climate change and suffering related damages, in addition to discussing a new pledge to finance climate issues beyond 2025.
Until then, the total pledge will remain at about $100 billion annually, far short of what is needed to decarbonize economies and adapt to a warmer world.
The United Nations estimates that by 2030, countries vulnerable to climate change will need nearly six trillion dollars to reduce emissions alone.
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