European Commission President Ursula von der Leyen said the EU will invest an additional \u20ac4 billion (US$5 billion) by 2027 to support low-income and climate-vulnerable countries. Rich countries have pledged $100 billion in climate finance, but are still $20 billion short. The Commission hopes the United States will follow suit and increase its climate finance contributions before the 26th Conference of the Parties (COP26) climate negotiations in November. Von der Leyen said there is still a $20 billion shortfall to the $100 billion annual mobilization target pledged by wealthy countries by 2020, and this shortfall needs to be addressed urgently. Speaking to members of the European Parliament on the 15th, von der Leyen told lawmakers that major emitters like the EU and the US have a \"special responsibility towards the least developed and most vulnerable countries.\" \"The EU contributes $25 billion annually, but other countries still have a significant gap to fall short of meeting global goals,\" she said. \"Europe is ready to do more, but we hope the United States and our partners will also step up their efforts.\" Developing countries have made closing this gap a prerequisite for successful negotiations at COP26. A European Commission spokesperson told Climate Home that the \u20ac4 billion comes from new funds in the EU budget for 2021-2027, not additional contributions from member states. US climate finance targets have yet to return to normal since the Trump era. Jennifer Tollmann, senior policy advisor at the think tank E3G, said, \"The EU is already the world's largest climate finance donor, and this is a strong move.\" She was pleased to see von der Leyen call on the US to follow suit. Von der Leyen said that if the US and EU can jointly close the funding gap, they can demonstrate strong global climate leadership, and \"now is the time to do it.\" A recent analysis by the Overseas Development Institute found that as of 2017-18, the US had paid only 4% of its \"fair share\" of the $100 billion target. The Overseas Development Institute stated that based on the US's relative wealth, population, and historical carbon emissions, the fair contribution is approximately $40 billion. While much of this shortfall can be attributed to Trump's reneging on US climate finance commitments, observers say President Biden has not done enough to restore US climate finance credibility since taking office. At the US Leaders' Summit in April, Biden pledged to double US climate finance contributions by 2024 from an estimated annual baseline of $2.8 billion. To curb global warming, the European Commission President called on the US and China to follow suit. Observers hope Biden will pledge additional funds at the UN General Assembly on the 21st. Earlier this week, Rachel Kyte, the UN Secretary-General's Advisor on Clean Energy and Finance, told the media that John Kerry, the UN Special Envoy for Climate, is working to find ways to secure a more ambitious financial commitment from the US. Climate action has stagnated since May, with no major emitters proposing more ambitious climate targets. According to an analysis published on the 15th by Climate Action Tracker, this indicates little improvement in progress towards the 2030 emissions target for the 1.5\u00b0C target. Ursula von der Leyen called on the US and China to step up their efforts and \"develop concrete plans in time for the Glasgow Climate Summit\" to support their net-zero emissions goals. She emphasized that the current 2030 pledges are insufficient to limit global warming to 1.5\u00b0C. Von der Leyen said China's commitment to achieve carbon neutrality by 2060 and peak emissions before 2030 is \"inspiring,\" but Beijing needs to develop a plan to achieve the goals. \"If China can peak its emissions within 10 years and phase out coal both at home and abroad, the world can breathe a sigh of relief.\" Observers had hoped that China would announce its 10-year climate action plan at the United Nations General Assembly next week, but according to the list of speakers obtained by the news website PassBlue, it will be Chinese Vice Premier Han Zheng who will deliver the speech at the conference, not President Xi Jinping, making major climate announcements unlikely. Source: Environmental Information Center<\/p>","protected":false},"excerpt":{"rendered":"
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