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UK COP26 presidency admits defeat on meeting $100 billion finance goal this year

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A $100 billion/year Climate Finance Delivery Plan will not be met this year as hoped ahead of the UN's Climate Change Conference in Glasgow, the UK presidency of the COP26 talks said Oct. 25.

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In 2009 developed countries agreed to mobilize $100 billion in climate finance per year by 2020 to support developing economies' efforts to decarbonize. In 2015 they agreed to extend this goal through to 2025.

Now analysis by the Organization for Economic Cooperation and Development shows the $100 billion/yr funding should be achieved only in 2023.

"While developed countries have significantly scaled-up their support over the last decade, new analysis shows the $100 billion goal was unlikely to have been met in 2020 and is likely to also fall short in 2021 and 2022," the UK COP26 presidency said in a statement.

While additional pledges from developed countries were expected this year, they were not ready to be included in the latest analysis by the OECD.

Private climate finance had also underperformed against expectation, the presidency said.

"The plan makes clear that more needs to be done in this respect, but does not rely on a significant improvement in this for the goal to be met by 2023," it said.

The Climate Finance Delivery Plan sets out guiding principles for collective actions of developed countries, including increasing financing for adaptation, addressing barriers in accessing climate finance, and improving private finance mobilization.

"Scaling up climate finance has been one of my top priorities," said COP26 President-Designate Alok Sharma.

"There is still further to go, but this Delivery Plan . . . provides clarity, transparency and accountability. It is a step towards rebuilding trust and gives developing countries more assurance of predictable support," he said.

The effort to get the climate funding plan into shape was led by German and Canadian ministers.

Meanwhile UK Prime Minister Boris Johnson spoke to Russian President Vladimir Putin Oct. 25 ahead of the COP26 Summit, Johnson's office said in a statement.

Johnson welcomed steps taken in recent days by Russia to commit to net zero by 2060 but hoped this could be brought forward to 2050, "as well as making further progress on ending deforestation and an ambitious Nationally Determined Contribution."

For his part, President Putin expressed regret he would not be able to attend the summit in person "in the light of the coronavirus situation in Russia," the office said.