At COP27, it is critical that we make significant progress on the critical issue of climate finance while moving forward on all finance-related items on the agenda.
The importance of adequacy and predictability of climate finance is critical to achieving the goals of the Paris Agreement. To this end, there is a need to improve transparency of financial flows and facilitate access to meet the needs of developing countries, particularly Africa, LDCs and SIDS.
Existing commitments and pledges, announced from Copenhagen and Cancún, through Paris and on to Glasgow, need to be followed up to clarify where we are and what remains to be done. Progress in delivering the US$100 billion per year will build trust between developed and developing countries, showing that real commitments are being met.