What are the international commitments on climate finance?
1992 - UNFCCC. Obligation of developing countries to provide ‘new and additional’ financial resources to support developing countries
1997- the Kyoto Protocol. Internationally binding emission reduction targets
2009 - the Copenhagen Accord. Developed countries pledged new and additional resources in the amount of ‘approaching USD 30 billion’ for the period 2010-12, with balanced allocation between adaptation and mitigation, and envisaged USD 100 billion per year from 2020 onward
2010 -2011 - Cancun agreements and Durban platform included a commitment to provide the agreed USD 30 billion ‘fast-start financing’ for developing countries up to 2012 and set up the Green Climate Fund to provide long-term financing for developing countries. The USD 100 billion per year by 2020 commitment was confirmed.
2015 - Paris Agreement confirmed that developed countries should take the lead in mobilizing climate finance “from a wide variety of sources, instruments and channels” in a “progression beyond previous efforts”. This agreement was confirmed by COP decision to set a new ‘collective goal by 2025 by scaling up from a floor of USD 100 billion pledged in Copenhagen to be reached annually by 2020’.