Rich na­tions far be­hind on $100-bil­lion cli­mate pledge — study

Business World - - WEEKENDER -

(3.6° Fahren­heit) above pre-in­dus­trial lev­els.

But US Pres­i­dent Don­ald Trump has pulled his coun­try out of the deal, and an­a­lysts have warned that other na­tional lead­ers may strug­gle to find the funds to match their am­bi­tions.

On Mon­day, Stan­dard and Poor’s re­leased a re­port ques­tion­ing where the money would come from, cit­ing a need for many coun­tries to in­crease bud­gets and debt bur­dens to fi­nance their pledges.

“In our view, it is very un­likely that gov­ern­ments would be will­ing, or able, to risk de­te­ri­o­rat­ing their cred­it­wor­thi­ness by stretch­ing their bud­gets and debt bur­dens to fund the im­ple­men­ta­tion costs,” the an­a­lysts wrote.

But Bloomberg New En­ergy Fi­nance also said that de­vel­op­ing coun­tries needed to im­prove le­gal frame­works in or­der to make in­vest­ments in clean en­ergy more at­trac­tive, both for pub­lic and pri­vate in­vestors. — PARIS — Wealthy coun­tries are fall­ing well short of their pledge to pro­vide $100 bil­lion a year to de­vel­op­ing coun­tries by 2020 as part of the Paris cli­mate ac­cord, a re­port pub­lished Mon­day said.

Of the $ 111 bil­lion in­vested in clean en­ergy tech­nolo­gies only $10 bil­lion was pro­vided by rich coun­tries, ac­cord­ing to data com­piled by Bloomberg New En­ergy Fi­nance.

The pledge was first made at a Copen­hagen sum­mit in 2009 and con­firmed by sig­na­to­ries of the 2015 Paris Agree­ment to limit global warm­ing caused by green­house gas emis­sions.

The $100 bil­lion, to be raised from mul­ti­ple sources in­clud­ing from the pri­vate sec­tor, was in­tended to be a min­i­mum, with na­tions ex­pected to set a new goal by 2025.

UN ne­go­tia­tors meet­ing in Bonn, Ger­many, this week are try­ing to work out how to im­ple­ment the Paris ac­cord, which aims to keep warm­ing at “well un­der 2° Cel­sius”

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