Delivering on the $100 Billion Climate Finance Commitment and Transforming Climate Finance
Our starting point is the COP16 Accord, which states that: “developed country Parties commit, in the con- text of meaningful mitigation actions and transparency on implementation, to a goal of mobilizing jointly USD 100 billion per year by 2020 to address the needs of developing countries”. The world needs to simultaneously tackle the COVID-19 and climate crises. The pandemic has highlighted that the old normal was deeply fragile and dangerous. Should the world fail to act now, the harm caused by climate change and biodiversity loss will be much greater and longer-lasting than the damage inflicted by COVID-19. The immediate imperative in recovery is to “build back better”, placing the world on a path of sustainable, inclusive, and resilient growth. The crisis presents an enormous threat but also a one-off, last-chance opportunity – to restructure econ- omies at the pace and scale that climate science requires by integrating climate action into the economic recovery from COVID-19. If EMDEs are unable to put in place recovery packages that are strong and sustainable, it will not only be deeply damaging for their own growth prospects but will put the climate goals irrevocably beyond reach. EMDEs already account for two-thirds of global emissions and many are also the most vulnerable in the face of climate change. A strong program of support to tackle their debt and financing needs is a win-win proposition for the global economy and for the climate.