The United Nations Conference on Trade and Development (UNCTAD) said on Saturday that developing countries need six billion dollars by 2030 to meet their climate change adaptation commitments.
“Developing countries need at least six billion dollars [quase 5,5 mil milhões de euros] by 2030 to meet less than half of its nationally determined contributions”, that is, the national part needed to achieve global environmental goals, reads an analysis by UNCTAD, which advocates a new model for financing measures against climate change and a renewed climate change commitment from the richest countries.
“At a time when North American cities are shrouded in clouds of smoke caused by the fires in Canada, negotiations on the New Measurable Global Goal continued in Bonn,” says UNCTAD, lamenting that the $100 billion (91 billion million euros) of annual investment investment in climate change adaptation and mitigation projects has not been completed.
“These climate finance targets will replace the 2009 promise, which sought to mobilize $100 billion a year for developing countries, and which will end in 2025 without being met,” says the UN, stressing that “it is unanimously accepted that $100,000 billion is a fraction of what is needed to help developing countries meet climate goals in line with the Paris Agreement.”
The new target to be brought to the UN climate conference later this year in Dubai should be ambitious, stresses UNCTAD, acknowledging that “the scale of the challenge is enormous, since 900 million people in the world does not have access to electricity and more than 4 billion people do not have a social safety net.
Among the four priorities identified by UNCTAD, the priority is the issue of debt: “the first and most urgent priority is over-indebtedness, since 60% of low-income countries are, or almost, in a situation out of debt distress and are spending around five times more annually on debt service than on climate adaptation, undermining future resilience and growth prospects.
Raising debt “is not a sustainable climate finance option in the current context; on the contrary, these countries are in dire need of debt relief, and a long-term goal should be to establish a multilateral debt resolution process that can help countries break the vicious cycles of debt and climate,” argues UNCTAD.
A new way of allocating the 650,000 million dollars, around 594,000 million euros, issued by the International Monetary Fund in Special Drawing Rights to maximize the impact on climate and development, in addition to greater use of the financial sector, mainly concessional and multilateral, and a renewed participation of the private sector in the climate sector, are other of UNCTAD’s proposals to accelerate the adaptation and mitigation of developing countries to climate change.
Source: TSF
