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UN Chief: $100Bln Climate Fund Far From Guaranteed

U.N. Secretary-General Antonio Guterres said on Friday a $100 billion annual fund to help developing countries tackle climate change was far from guaranteed.

U.N. Secretary-General Antonio Guterres said on Friday a $100 billion annual fund to help developing countries tackle climate change was crucial to achieve the goals of the Paris climate deal.

“We need to mobilize the agreed $100 billion annually for developing countries,” Mr. Guterres told reporters ahead of his trip to Bonn to attend the U.N. climate conference. “This is crucial to spur action and to build trust. We are far from having that entirely guaranteed.”

Under the Paris climate deal, wealthy countries renewed their commitment to raise $100 billion by 2020 to help developing countries deal with global warming, but there are concerns that they will not reach that target.

In June, President Donald J. Trump said the United States would no longer contribute to the Green Climate Fund, which helps poorer countries adapt to climate change, when he announced the U.S. withdrawal from the Paris deal.

Mr. Guterres said carbon pricing was an “extremely important instrument that must be developed” to cut emissions and fulfill the goals of the Paris agreement.

U.N. negotiators meeting in Bonn are trying to work out how to implement the Paris accord, which aims to keep warming at “well under two degrees Celsius,” or 3.6 degrees Fahrenheit, above pre-industrial levels.

According to data compiled by Bloomberg New Energy Finance earlier this week, Only $10 billion of the $111 billion invested in clean energy technologies was provided by rich countries.

 

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