The European Union will pressure developed countries to commit more funding to help poorer nations reduce emissions and adapt to the impacts of climate change at the COP26 summit, the European Commission said Thursday.
The EU will “urge developed countries to increase their climate finance to meet the $ 100 billion target,” the Commission said in a statement, adding that the EU and its 27 member countries already contribute more than $ 25 billion. by year.
So far, rich countries have failed to deliver on their 2009 promise to transfer $ 100 billion per year to the poorest nations by 2020.
Data produced this week suggested that the promise would not be fulfilled until 2030, fueling tensions that climate watchers fear could sour talks at the UN COP26 summit, which begins Oct. 31.