Rich Nations Won’t Hit $100 Billion a Year Climate-Funding Pledge Until 2023

Rich Nations Won’t Hit $100 Billion a Year Climate-Funding Pledge Until 2023

October 26, 2021

Ahead of the international climate summit beginning this weekend in Glasgow, Scotland, The Wall Street Journal reports that the wealthy nations are going to come up far short in fulfilling a pledge to help finance renewable energy projects in the developing world.

As part of the 2015 Paris climate accord, wealthy governments pledged to provide $100 billion in annual funding to these countries to help them finance green energy projects. But a new report found that donor nations fell about $20 billion short in hitting the target. According to today’s article

The shortfall is raising tensions between developed and developing nations as they plan to meet to debate how to keep the climate targets of the Paris agreement within reach. …

For decades, Western countries responsible for the bulk of greenhouse-gas emissions have pledged to pay poorer nations to help them with what is expected to be a very expensive global energy transition. Developing nations say the funding is essential for them to agree to deeper emission cuts at the Glasgow summit. Negotiators saw providing clarity around the $100 billion a year pledge as a way to build trust ahead of the talks.

Of course, one challenge with getting developing nations to adapt green energy projects has nothing to do with money. For generations, these countries have watched Europe and others boost their economy and raise their standards of living thanks largely to the availability of affordable and reliable energy. And who can blame them for wanting the same thing?

As we wrote in this blog just yesterday, the West is attempting to give African nations solar and wind projects, but then many Africans are stuck with diesel generators or battery-powered electricity on days when the sun isn’t shining or wind isn’t blowing.

Don’t let anyone tell you that the problem with green energy policies is they lack funding. It’s that this technology simply isn’t as affordable or reliable as existing energy sources such as natural gas. Developing nations understand that, and we should too.