African nations call for new climate fund tracker as donors fall short

The lead climate negotiator for Africa has reportedly stated that African countries are calling for a new mechanism to track funds from affluent nations that are failing to achieve an annual $100 billion commitment to help emerging economies combat climate change.

According to reliable sources, the demand underlines fresh tensions in the lead-up to the COP26 climate conference between the globe’s 20 biggest economies, which account for 80% of greenhouse gas emissions, and emerging economies, which bear the brunt of global warming.

Tanguy Gahouma, chairperson of the African Group of Negotiators for COP26, stated that African nations need to have a clear roadmap on how the developed nations will put the agreed-upon $100 billion per year on the table, and how African nations can track it.

African nations do not have time to lose as the continent is one of the globe's most vulnerable areas to climate change, Gahouma added.

Gahouma also went on to say that if someone is accountable for something, then they must pay for it.

In 2009, wealthy nations pledged to raise $100 billion per year by 2020 to help economically developing countries deal with the consequences of global warming.

According to the most recent OECD projections, this fund hit a total of $79.6 billion in 2019, a 2% increase over 2018.

According to OECD data, on average, Asian nations received 43% of the climate funds between 2016 and 2019, while Africa received 26%. Gahouma stated that a more thorough common system was required to track each nation's contribution and where it flowed on the ground.

Developed nations claim to have met 70% of the objective, but the African nations cannot see it on the ground, claimed Gahouma.

According to the most recent United Nations climate report, temperatures across Africa are rising faster than the world average. It predicts that additional warming will result in more harsh heatwaves, catastrophic coastal floods, and heavy rainfall across the continent.

Source credit: https://www.cnbcafrica.com/2021/africa-calls-for-climate-finance-tracker-after-donors-fall-short/