Mohamed Nasheed, the former president of the Maldives, said: “Basic justice demands that those most responsible for causing the climate crisis should financially support those who are suffering most on the frontline of climate change."
The rich countries accept vulnerable countries face a “life or death situation”. Wealthy nations were supposed to provide US$100bn a year by 2020, a target has been missed.
The US share of this, based on its past emissions, would be $40bn yet it provided only $7.6bn in 2020, the latest year for which data is available. Australia and Canada gave only about a third of the funding indicated by the analysis, while the UK fell $1.4bn short. The funding from Japan and France was largely in loans which often already carry high levels of debt.
Nasheed explained, “Currently we face a debt crisis because so many of the assets that we took loans to pay for are being destroyed by climate change. Ease the debt burden and we can all play our part.” Countries such as his have already collectively suffered $500bn in losses because of climate impact.
Nafkote Dabi, the climate change policy lead at Oxfam International, said: “This new analysis shows rich countries continue to fail to deliver their long-standing pledge of $100bn a year. The failure is all the more stark when you consider that the $100bn is minuscule compared to what is required to address the climate crisis..."
The Cop26 president, Alok Sharma said trillions of dollars would be needed overall.