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Rich Countries Fall $10 Billion Short in Climate Finance Pledges

  • Developed nations want to hit $100 billion goal by COP26 talks
  • Finance failure derailing global efforts on climate change
COP26 President Alok Sharma has described the pledge as a matter of trust, telling rich countries they have “no excuse” for missing the target. 

COP26 President Alok Sharma has described the pledge as a matter of trust, telling rich countries they have “no excuse” for missing the target. 

Photographer: Hollie Adams/Bloomberg

Rich countries are racing to close a climate-finance shortfall of at least $10 billion, with a handful of European nations planning to increase their pledges this month ahead of crucial talks in Glasgow, Scotland, according to people familiar with the plans.

Over a decade ago, developed countries promised to mobilize $100 billion a year by 2020 to help poor countries deal with the worst impacts of global warming and invest in green energy sources. But they almost certainly missed their goal last year amid a pandemic that upended economies and as former President Donald Trump pulled the U.S. out of the Paris accord.