COVID Recovery and Climate Finance
The availability and accessibility of climate finance are crucial to ambitious mitigation and adaptation action by developing countries. However, the agreed pre-2020 climate finance mobilisation of $100 billion annually by developed countries has not been met in any year since the pledge was made. The issue of adaptation financing is especially important to Africa. By emphasising the needs and priorities of developing countries, the African Group of Negotiators on Climate Change (AGN) is working to ensure that a post-2025 climate finance mobilisation goal of at least $1.3 trillion per year by 2030 is agreed. The UN Framework Convention on Climate Change (UNFCCC) COP process seeks ambitious outcomes in the context of the global COVID-19 pandemic, which has had tremendous social and economic impact. With recovery efforts underway worldwide and political momentum on climate action accelerating, this is an opportune moment to ensure that pandemic responses ‘build back better’ by supporting climate-resilient and sustainable recovery.