Transition aid to developing countries must accelerate

Financial pledges need to be substantially larger to have an impact, Indian policy expert says

Global financial aid to help developing economies mitigate climate change and accelerate their energy transition has not appeared after more than a decade of promises, and pledged sums will need to be substantially bigger to have an impact, an Indian policy expert told the recent S&P Global Asia Energy Transition conference. Rich countries including members of the G7, Australia and Switzerland pledged as early as 2009 to provide $100bn/yr of climate finance by 2020 to poorer nations, but this promise was not fulfilled. More ambitious commitments were made at Cop26—including $130tn in capital promised for the energy transition by a group of more than 450 financial institutions—but there i