"Rich Countries Failed To Meet Their Climate Funding Goal"

"BRUSSELS - Rich nations failed to meet a long-standing pledge to deliver $100 billion to help poorer countries cope with climate change, the OECD said on Friday.

Back in 2009, developed countries promised that by 2020 they would transfer $100 billion per year to vulnerable states hit by increasingly severe climate-linked impacts and disasters.

In fact, they provided $83.3 billion in 2020 - falling $16.7 billion short of the target, the Organisation for Economic Co-operation and Development (OECD) said.

The missed goal is no surprise. The OECD uses U.N. data processed with a two-year delay, and rich countries have already signalled the target would not be met until 2023."

Kate Abnett reports for Reuters July 29, 2022.