Global pledges intended to spur investment in developing countries for climate solutions and resilience fell short of their target this week, prompting criticism from nongovernmental groups about the powerful countries most responsible for climate change not stepping up to help the world’s most vulnerable.
Less than two months before CO28, countries pledged $9.3 billion at a pledging conference for the Green Climate Fund in Bonn, Germany this week, falling short of the $10 billion target and far below the $200 to $250 billion the UN estimates is needed each year.
Officials say the final amount “will likely turn out to be much higher” after other countries finalize their pledges. The U.S. said it would share its pledge at a later date, as political and financial turmoil at home prevented it from making a contribution at this pledging round.
“The Green Climate Fund, envisioned as the lifeline for climate action in developing nations, is held back by the indifference of wealthy countries,” Harjeet Singh, Head of Global Political Strategy of the Climate Action Network International, said in a statement.