From Angela Dewan, Ella Nilsen and Rachel Ramivez, CNN
European Commission President Ursula von der Leyen on Wednesday announced €4 billion (£1.1 billion) in extra global finance to countries involved in global warming, calling for the US and other bloc allies to do their fair share.
Developed countries agreed to do so more than a decade ago, and in the Paris accord of 2015 committed to transfer $100 billion every year to developing countries per year by 2020 in order to support green change and adjust to climate change effects.
The world missed that deadline together a year ago.
The United States has been especially criticized for failing to make transmission during the four years of the Trump administration.
In her annual State of the Union speech to the European Parliament, von der Leyen highlighted the European Union as the world’s top provider of climate finance, urging the US and others to “step up.”
“Team Europe contributes €25 billion a year. But others still leave a gaping hole towards reaching the global target. So closing that gap will increase the chance of success in Glasgow,”Ursula von der Leyen
“Team Europe contributes €25 billion a year. But others still leave a gaping hole towards reaching the global target. So closing that gap will increase the chance of success in Glasgow,” says von der Leyen with regard to the United Nations climate change conference COP26.
She promised the extra €4bn will be paid out by 2027.
Now talking on climate financing, a big hurdle for success in Glasgow. Finally, @vonderleyen addresses the United States explicitly. The US is totally falling behind in their international finance promises.
— Bas Eickhout (@BasEickhout) September 15, 2021