As France prepares to host world leaders at a global financial summit seeking to reconfigure global financial systems, sources in the French government say developed countries will be able to, by year end, deliver on the $100 billion climate financing pledge of 2020.
The financial summit hosted by France seeks to establish a system that will be more responsive, just and inclusive. A system that will fight inequalities, finance the climate transition, biodiversity protection, and move closer to achieving the United Nations Sustainable Development Goals (SDGs).
In 2009 at COP 15 in Copenhagen, in the context of meaningful mitigation actions and transparency on implementation, developed countries decided to commit to a goal of jointly mobilising $100 billion a year by 2020 to address the needs of developing countries.