The wealthiest nations are far behind in their pledge to help developing nations in their efforts to help implement clean environment technologies, according to a new report.
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So far, rich countries have contributed only US$10 billion out of US$111 invested thus far in clean environment technologies, according to data compiled by the Bloomberg New Energy Finance, BNEF, a clean energy investment firm.
The world's wealthiest nations promised to raise a minimum of US$100 billion each year from multiple sources, including the private sector at the 2009 UN Climate Change Conference in Copenhagen. And new funding goals were expected to be reworked in 2025 at Climate Change Conference.
Another report published by Standard and Poor's on Monday also raised concerns over which countries would be responsible for raising funds to meet the high costs, further suggesting that the countries will have to raise their budgets to accommodate the added expense.
"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 from Standard and Poor's said.
US president, Donald Trump, pulled out from the Paris climate agreement earlier in June.
The representatives who will be meeting for the Paris Accord in Bonn, Germany, starting Nov. 6 to 17, will discuss strategies for implementing the Paris Agreement which are aimed at limiting warming temperatures to 2°C (3.6°F) above pre-industrial levels, and also shift all nations towards sustainable growth practices.
Some of the key issues expected to be discussed are the recent crisis situations caused by the string of hurricanes that devasted many Caribbean islands, the destruction caused by fire, floods, droughts, melting ice and impact on agriculture.
"All over the world, vast numbers of people are suffering – bewildered by the forces ranged against them. Our job as leaders is to respond to the suffering with all means available to us," the newly elected COP23 President, Fijian Prime Minister Frank Bainimarama, said in a statement.
Critics have pointed out that the climate change is impacting developing nations disproportionately. During the Paris Climate Change negotiations in June, some vulnerable island nations had lobbied hard to strengthen the Paris deal.
"We are deeply disappointed by today’s decision," a coalition of officials from Caribbean nations including Colombia, Costa Rica, Grenada, Mexico and Saint Lucia said in a statement at the time of the negotiations.
"Our commitment to the Paris Agreement is unshakeable. We have every reason to fight for its full implementation: our families, our health, our welfare, our security, our economies and our livelihoods."