Rich nations must come up with new fundraising plans if they’re to hand poorer countries $100 billion a year in climate aid as promised, a study showed.
Strategies could include redirecting fossil-fuel subsidies, carbon-market revenues and transaction taxes, the World Resources Institute said Wednesday. Developed countries stumped up just $17 billion in 2012, according to the Washington-based researcher.
Wealthy nations and private investors agreed in 2009 to provide $100 billion a year by 2020 to nudge developing countries toward greener development. They’ll face mounting pressure to show how they’ll deliver that pledge in the run-up to United Nations talks in Paris at the end of the year, where leaders will work on a deal to curb emissions in rich and poor nations alike.
Such a deal may only be reached when developed economies cough up more aid, UN Secretary-General Ban Ki-Moon said earlier this year.
“Forging an agreement on the path to $100 billion is essential to build trust and bring countries together ahead of the Paris climate conference in December,” WRI Senior Associate Michael Westphal, the study’s lead author, said in an e-mailed statement.