Rebooting a failed promise of climate finance

Remember Copenhagen? Where Hillary Clinton, on behalf of the “developed countries,” pledged $100 billion in annual climate finance? What followed, of course, was an almost perfect proof that rich world promises were not to be believed.

It’s a long and depressing story, not least because it can be explained by incompetence just as easily as by venality, but Timmons Roberts and a group of collaborators have just summarized it well, in an short, excellent, and entirely trustworthy piece in Nature Climate Change called Rebooting a failed promise of climate finance. It’s not even behind a paywall.

I only have one wee complaint. The concluding paragraph, the one that–as per the conventions of professional political commentary–makes helpful suggestions about the way forward, is a bit too measured for my taste. It reads as follows:

“The 2015 Paris Agreement specified that a new collective, quantified goal for climate finance is to be agreed prior to 2025, with US$100 billion per year as the minimum. Now is the time to begin that effort with ambition and accountability to build enduring trust and resilience. Future climate finance pledges and targets should be based on realistic assessments of developing countries’ needs. Then real plans must be built and implemented to meet those funding targets; for example, through innovative finance, like levies on international airline passengers and bunker fuels. To meet the promise of ‘adequate and predictable’ financing made back in Copenhagen, new global financing mechanisms have to be implemented, since annually decided ‘contributions’ from national treasuries are not delivering on the promise. First though, clear rules for what counts as climate finance need to be agreed.

My problem? Not that future climate finance pledges should be based on proper needs assessments. Or that we’re going to have to rely on “innovative finance” to meet those needs. Only that we should give up on demanding contributions from national treasuries–which are indeed “not delivering on the promise”–while we wait for an innovative finance breakthrough to show up.

It almost seems that Timmons et. al. actually expect a near-term breakthrough on that front. I for one will believe it when I see it. In the meanwhile, I’m going to continue to work to establish the fair shares frame. It seems to me that it can only help.