Arab Today, arab today development banks pledge 15bn in new climate funds
Last Updated : GMT 22:20:05
Arab Today, arab today
Arab Today, arab today

Development banks pledge $15bn in new climate funds

Arab Today, arab today

Arab Today, arab today Development banks pledge $15bn in new climate funds

Key UN climate talks in Paris
Lima - AFP

Development banks including the World Bank have pledged an additional $15 billion a year by 2020 to fight climate change, taking the world closer to the clutch target of $100 billion, officials said Friday.

Just two months before key UN climate talks in Paris, world leaders are scrambling to reach the magic number of $100 billion in funding to combat global warming and help vulnerable nations cope with the impact of climate change.

The figure, agreed in previous rounds of talks, is seen as a make-or-break issue in the years-long negotiations to reach a comprehensive carbon-cutting pact to save the planet from the potentially catastrophic impacts of global warming.

The World Bank announced it would increase climate financing from 21 percent of its total funding to 28 percent in 2020.

In dollar terms, that would be an increase from an average of $10.3 billion a year now to $16 billion a year in 2020, at current funding levels.

"We are committed to scaling up our support for developing countries to battle climate change," World Bank president Jim Yong Kim said in a statement.

"As we move closer to Paris, countries have identified trillions of dollars of climate-related needs. The Bank, with the support of our members, will respond ambitiously to this great challenge."

French finance ministry officials said other development banks including the European Investment Bank, Asian Development Bank and Inter-American Development Bank had made similar pledges for a total of around $15 billion in new funds.

"We were expecting a lot from the multilateral banks... and they rose to the challenge," said French Finance Minister Michel Sapin as he left a climate meeting that brought together some 50 countries and institutions in the Peruvian capital Lima.

"We still haven't reached the end of the road. The last steps are often the most difficult," he added.

- Pressure to deliver -

Sapin had criticized the development banks for not doing more on climate-related funding as world economic leaders met in Lima this week for the annual meetings of the International Monetary Fund and the World Bank.

"They haven't done a lot," he told journalists Thursday.

"If we want the Paris conference to be a success, the question of funding has to be nine-tenths settled, if not 100 percent."

US Secretary of State John Kerry had also called on the World Bank and other institutions to step up their climate finance targets.

A new report this week found the world was less than two thirds of the way to the $100-billion-a-year target last year.

The Organization for Economic Cooperation and Development (OECD) calculated a total of $61.8 billion in climate funding in 2014, including $23.1 billion from governments, $20.4 billion from multilateral institutions and $16.7 billion from the private sector.

Since the start of the year, a number of countries have pledged more climate funds, including France, Germany and Britain -- taking the world closer to the $100 billion figure, though the OECD has not yet updated its estimate.

Some activists are critical of the OECD's calculations, saying it counted money spent on projects not directly linked to climate change, such as agricultural programs.

Others critics say the current funding mix includes too many loans and not enough grants.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today development banks pledge 15bn in new climate funds Arab Today, arab today development banks pledge 15bn in new climate funds

 



Arab Today, arab today
Arab Today, arab today Accessories designer reveals her new collection

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott

GMT 11:50 2017 Thursday ,23 March

Bulgaria's economy: a tale of extremes

GMT 15:54 2017 Wednesday ,22 March

Amazon deal for Souq.com is back on

GMT 13:03 2017 Wednesday ,22 March

Germany should ditch austerity, embrace EU investment

GMT 10:43 2017 Wednesday ,22 March

Bags carry Hermes to record profit
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today Number of unwedded girls amounts to 2.5m

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday