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Rich Nations Fail to Meet Climate Fund Target in Blow to COP

  • Financing could reach the target annual amount only in 2023
  • Poor nations say can’t make climate pledges without more money
COP26 Climate Change Summit Venue
Photographer: Ian Forsyth/Bloomberg
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Rich countries have failed to meet their pledge of $100 billion a year of financing for poor nations in the fight against climate change, undermining the chances of success at the key COP26 summit this month. 

Under a blueprint for the spending released Monday, developed countries will only reach the collective target three years late in 2023. The report falls short of poor countries’ hopes for the group to commit to mustering the funds on average between 2020 and 2025, despite initial shortfalls.