Wealthy nations are on track this year to meet their overdue $100-billion climate finance pledge to developing countries, three years later than promised, Germany's foreign minister Annalena Baerbock said on Tuesday.
Baerbock said donor countries met on Monday to discuss progress towards their pledge, made back in 2009, to transfer $100 billion per year from 2020 to vulnerable states hit by increasingly severe climate change impacts.
The $100 billion falls far short of poor nations' actual needs, but has become symbolic of wealthy countries' failure to deliver promised climate funds. Failure to meet it has fuelled mistrust in climate negotiations between countries to attempt to boost CO2-cutting measures. "Expectations are high. Trust is low," Sultan al-Jaber said, adding that the real value of the $100 billion had eroded since the pledge was first made in 2009.
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