Failure to achieve a new goal at the UN’s annual climate talks may undercut confidence in major international agreements and strike a blow against efforts to limit global warming, observers say
This year’s international climate talks are expected to be headlined by fraught negotiations over how Canada and other wealthy countries, who have contributed a disproportionate share of planet-warming emissions, should financially compensate other nations in their fight to tackle climate change.
“It’s pretty high stakes,” said Bill Hare, CEO of Climate Analytics, a Berlin-based climate think tank. For Canada, that’s led to contributions as varied as $225,000 for solar plants in Samoa to $240-million in grants for the world’s largest dedicated international climate fund. The Green Climate Fund has backed projects to expand Jamaica’s electric bus fleet and build one of the world’s largest solar energy projects in Egypt.
Setting a realistic climate finance goal will be key to making those plans a reality, said Catherine McKenna, Canada’s former environment minister. It would represent just a fraction of the larger goal set to be negotiated at the talks. Several independent assessments say developing countries may need upwards of $1-trillion to meet their climate goals.
Yet, there’s concern that some wealthy countries may wield those arguments in a bad faith effort to shirk their responsibilities after years of coming up short on their own climate finance goals, said Abreu. More recently, Canada and Switzerland were the first countries to put forward specific eligibility criteria to expand the contributor base to include new countries. Canada’s proposal would see Russia, Saudi Arabia and China added to the list.
Climate Countries Country Goal Canada Money Finance United Nation Samoa Baku
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