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Developed nations ‘will deliver 100 billion dollar climate target next year’


icher nations will be able to deliver 100 billion dollars of climate finance to developing countries every year from 2022 – a year earlier than expected, US envoy John Kerry has said.

He said the countries would be able to reach the target – which was agreed in Paris – next year, despite recent estimates that suggested it would have to wait until 2023.

Speaking at a dinner hosted by the Confederation of British Industry (CBI) alongside the Cop26 conference, Mr Kerry said: “No Cop in history has had the feel of what I feel in Glasgow here today – new energy, new urgency, a new sense of possibility, and we have never had as much corporate presence and commitment as we have today.”

“I believe that we are going to be able to raise the ambition beyond anything we imagined – already we have finance that is very significant.”

He said that Japan had promised to pay two billion dollars a year for the next five years. This would unlock another eight billion dollars every year in loans from banks and other private organisations, he added.

“That means for 2022 we now have the full 100 billion dollars we wanted to have, and 100 billion going forward, so we take that issue off the table and that changes the dynamics.”

But he warned that “no government in the world has enough money” to cope with climate change, and that trillions in private finance needs to be unlocked.

He also said the “well below” 2C target that world leaders agreed to in Paris in 2015 means countries have to curb warming to no more than 1.7C.

“I don’t know what well below is, do you? To me it’s not 1.9C or 1.8C or 1.7C. Well below is well below, and pretty close to 1.5C,” he said.

He called on business leaders at the CBI event to help unlock the finances needed to transition the economy to net zero emissions.

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