US$100b in climate finance achieved

The US$100 billion in climate finance for developing countries promised in 2009 in Copenhagen has been finalised.

This was announced by France’s President Emmanuel Macron during the closing ceremony of the two-day Summit For A New Global Financing Pact, which he hosted in Paris, France, and was attended by leaders from around the world, including Prime Minister Mia Amor Mottley.

In the chairman’s summary of discussions over the two days, Macron noted that this target was reached.

“The US$100 billion goal was reached in June 2023, making additional financing available to fight poverty and build resilience and sustainability through relevant IMF (International Monetary Fund) instruments thanks notably to engagements from 14 countries to reallocate at least 20 per cent of their SDRs (Special Drawing Rights),” he said, noting the contributions of countries that had reached 40 per cent of SDR reallocation.

He said while they had already secured US$61 billion in the bag, in the next few months they would make sure the remaining $39 billion reached the coffers. (CMM)

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