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EU chief announces additional $ 4.7 billion in climate funds for southern countries, challenges US to ‘step up’

Developed countries agreed more than a decade ago, and reaffirmed in the 2015 Paris Agreement, to transfer $ 100 billion per year by 2020 to the developing world to help them in their green transformations. ” adapt to the impacts of climate change.

Collectively, the world missed this deadline last year. The United States has been particularly criticized for not transferring anything during the four years of the Trump administration.

In his annual State of the Union address to the European Parliament, von der Leyen named the European Union as the world’s largest contributor to climate finance, calling on the United States and others to “step up”.

“Team Europe contributes 25 billion euros per year. But others still leave a gaping hole in reaching the global target. Closing this gap will therefore increase the chances of success in Glasgow,” said von der Leyen, referring to the United Nations conference on climate change COP26. . She promised that the additional 4 billion euros would be paid until 2027.

“But we expect the United States and our partners to step up as well,” she added. “This is vital because to bridge the climate finance gap together, the United States and the European Union would be such a strong signal for global climate leadership, and it is time to do it now. no longer have time to wait. “

The Biden administration has said it will double the level of climate finance transferred during the Obama administration’s second term, which averaged around $ 2.8 billion, but critics say it must do more to make up for four years of lack of funding during the Trump years.

More than ten years ago, developing countries struck a climate finance agreement with wealthier countries to recognize the historically greater role the developed world played in greenhouse gas emissions. Per capita, many developed countries emit much more carbon than developing countries.