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Déjà Vu All Over Again: G7 Promise $100 Billion Per Year Climate Funds For Developing Nations

Dean Scott, Bloomberg

Seven of the world’s top economies have pledged yet again they will provide $100 billion *per year* in climate funds for developing nations. It didn’t work in Copenhagen in 2009. It’s doubtful it will work now given that China is demanding a legally binding pledge.

The G-7 has reaffirmed a commitment made by the U.S. and other industrialized countries at the 2009 climate summit in Copenhagen to provide $100 billion a year from public and private sources to developing nations to help them adapt to climate impacts and cut their emissions.

Raising a significant amount of climate finance for developing nations is widely viewed as a key component to getting developing countries to sign on to the international climate accord, which is to be concluded in Paris in December 2015.

“We reaffirm our support for the Copenhagen Accord commitments” to mobilize the $100-billion-a-year amount, according to the statement, “to address the climate mitigation and adaptation needs of developing countries in the context of their meaningful and transparent mitigation actions” those developing nations are expected to offer under the 2015 deal.

Ben Rhodes, U.S. deputy national security adviser, told reporters June 5 that other G-7 leaders welcomed news this week of the Obama administration’s plan to cut carbon pollution from existing power plants as “concrete” evidence that the U.S. is fulfilling the 2009 pledge it made to cut its greenhouse gas emissions in the run-up to the Copenhagen climate summit. The Environmental Protection Agency unveiled its proposed power plant limits on June 2.

The 2009 U.S. pledge called for cutting its overall emissions 17 percent by 2020 from 2005 levels. Environmental groups that are analyzing the EPA’s proposal say the U.S. is likely to make good on that pledge if the power plant rules—which President Barack Obama wants to become final in 2016—aren’t significantly weakened over the next year.

Obama, in a news conference following the Brussels summit, touted his administration’s June 2 plan to cut power plant carbon pollution 30 percent by 2030 from 2005 levels as “one of the most ambitious steps that any nation has taken to combat climate change.”

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