There is never a good time for a financial crisis. It is a double tragedy when it comes amid a health and climate crisis.
We have heard that the consequences of not acting on climate include death, disease and destruction on an unprecedented scale. But such conditions exist in developing countries – the poorest of which tend to bear the earliest and heaviest burdens of climate change, despite contributing the least to greenhouse gas emissions.
Consequently, the global response to climate change by those that have rests on the logic of justice: developed countries should provide developing countries with the financial resources for mitigation and adaptation efforts.
In 2015, donor countries recommitted to mobilize $100 billion each year for climate finance in developing countries by 2020. In 2017-2018, it had reached an average of $59.5 billion a year. While a remarkable achievement, this falls short of the target.