Developed Countries Failed to Commit to $100 Billion Climate Finance: Frans Timmermans

A Brief Summary

Frans Timmermans, the executive Vice-President for the European Green Deal, said developed nations failed to commit to a $100 billion climate finance. Meanwhile, the European Union is going steadily to reach the target by next year.

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TERI organised the annual flagship event at the World Sustainable Summit (WSDS) 2022, where he said Climate change already shook the base of nature and wreaked havoc across the world. A "planetary emergency" of that kind needs a global solution. 

Timmermans expressed concern over the impact of climate change on planet earth while delivering a keynote address at a session on ' Multilateralism and Global Action in the Anthropocene for Planetary Resilience' at the WSDS that held virtually.

He also appreciated India's participation at the recently held COP 26 in Glasglow for the country's commitments towards climate goals. 

He stated COP26 would help the world keep global warming well below 2 degrees celsius. At the same time, if all commitments were wholly implemented, the world could even bring it to 1.8 degrees celsius. 

The discussion on "phasing out coal and ensuring a just transition" that kicked off at COP26 would continue in the coming months.