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New climate finance floor of $750b beyond 2025: PM

October 8, 2021 12:30 pm
The needs of Small Island Developing States require a targeted financial approach to address the impact of climate change.

The needs of Small Island Developing States require a targeted financial approach to address the impact of climate change.

Minister responsible for Climate Change, Aiyaz Sayed-Khaiyum, says SIDS cannot be dropped onto the same financial playing field as larger, developed or developing nations.

“The US $100b per year on climate finance by 2020 committed by developing countries remains unmatched. The most optimistic estimate shows that only US $78.9b in public climate finance was in fact mobilized in 2018. Anecdotal evidence suggest that this number could be even lower now due to COVID-19.”

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While some countries are meeting their $100b commitment, others have been lagging behind.

Prime Minister Voreqe Bainimarama, while speaking at a high-level forum yesterday, also highlighted the need for fast climate finance.

“Developed nations must deliver on the $100b promised climate finance with the new floor of $750b beyond 2025. Right now SIDS are only able to access two percent of the climate finance currently available. And with that, we are expected to protect ourselves from an existential crisis we did not cause.”

With the 26th Conference of Parties scheduled to begin 23 days from now, Bainimarama is calling on world leaders to come prepared with serious climate commitments as SIDS wants action and not just ambition.

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