Paris Climate Agreement ‘on the brink’ as western governments refuse to transfer $100 billion p.a.

Crazy world of climate finance [image credit: renewableenergyfocus.com]

The usual hyped-up dramas as yet more climate talks leads to little or no action. Everyone is supposed to believe the end is nigh if more money is not thrown at developing countries. How long can such charades be kept going?
H/T The GWPF

UN climate talks in Bangkok have foundered over the key issue of how efforts to limit climate change are funded and how contributions are reported, says AFP.

Activists called out the European Union, Britain and Australia for falling into line with Washington’s position. Developing countries rounded on the United States and its allies at emergency climate talks Sunday, accusing the world’s richest nations of stalling a deal aimed at preventing runaway global warming.

Experts from around the world have been locked in discussions this week in Bangkok, aiming to reach a comprehensive rulebook for countries to implement the landmark Paris Accord on climate change.

But talks have foundered over the key issue of how efforts to limit climate change are funded and how contributions are reported.

Delegates representing some of Earth’s poorest and smallest nations said on the final day of the summit that the US and other Western economies were failing to live up to their green spending commitments.

“Developed countries are responsible for the vast majority of historic emissions, and many became remarkably wealthy burning fossil fuels,” said Amjad Abdulla, the head of a negotiating bloc of small island states.

“Yet, we face devastating climate impacts and some of us could be lost forever to rising seas” without progress on the Paris deal by the end of the year, he added.

The Paris deal, struck in 2015, aims to limit global temperature rises to less than two degrees Celsius and to below 1.5C if possible by the end of the century.

To do this, countries agreed to a set of promises, including to establish an annual $100-billion fund to help developing nations react to our heating planet.

The US and other developed economies want less oversight on how their funding is gathered and more flexibility over how future funding is structured.

But developing nations insist they need predictable and open funding in order to effectively plan their fight against the fallout from climate change.

A senior source within the African nations’ negotiating bloc told AFP the US and others were reneging on pledges made in Paris by refusing to discuss future climate funding.

“It’s as if we started from scratch” in Bangkok, the source said.

Continued here.