$40 billion pledge from eight countries

The UK is among those who have pledged to deliver on a five-year £11.6 billion ($13.1 billion) pledge aimed at improving access to clean energy, avoiding deforestation, and protecting ecosystems.

Julius

Sharm El Sheik, Egypt: An estimated $40 billion has been pledged for climate risk financing, mitigation, and adaptation from the eight countries we were able to establish, but more pledges may come in before the summit concludes this Friday.

This could be interpreted as a move by wealthy - industrialised nations to fill short-term climate financing gaps, but there is still a significant gap in clear and long-term financing.

The United Kingdom (UK) is among those who have pledged to deliver on a five-year £11.6 billion ($13.1 billion) pledge aimed at improving access to clean energy, avoiding deforestation, and protecting ecosystems.

Africa will benefit from the United States of America's pledge of US$11 billion per year through the Acceleration of Adaptation, with US$150 million channelled to achieve Early Warnings for all countries on the continent within the next five years.

Projects that promote the transition away from coal use, as well as the development of climate-resilient agriculture, will benefit from France's commitment to its 2021 pledge to contribute €6 billion ($6,197,070,000.00) per year from 2021 to 2025.

Canada has also committed an annual $5.3 billion over five years beginning in 2021 to increase the Caribbean's capacity and authority in national meteorological and hydrological services through the development of strategic plans and multi-hazard early warning systems.

The Netherlands has stated that it will increase its pledge to €1.8 billion ($1.857 billion) by 2025. A total of EUR 110 million (113,612,950.00) is allocated to the Africa Adaptation Acceleration Program (AAAP). The African Development Bank and the Global Center for Adaptation (GCA) developed AAAP to raise $25 billion by 2025 to implement, scale, and accelerate climate adaptation across the African continent.

Italy has pledged $1.4 billion in funding over the next five years, including €840 million through a new Italian climate fund specifically established for the deployment of clean technologies, while Germany plans to increase its contribution from €5.3 billion in climate financing in 2021 to €6 billion ($6,192,030,000.00) per year by 2025. 38.7 trillion.

Ireland has also committed to a climate finance pledge made in 2021 of at least €225 million ($232,394,625.00) per year to support adaptation actions in developing countries by 2025.

Loss and damage funds

Meanwhile, a few European countries have taken the lead in offering loss and damage funds, breaking decades of resistance by rich nations to offer such reparations or discuss their historical responsibility for climate change due to liability concerns.

Africa is also concerned with loss and damage.

Last year, Scotland was the first to offer loss and damage funding. First Minister Nicola Sturgeon pledged an additional £5 million ($5,917,650.00) at CoP27 last week, bringing the total to £7 million ($8,284,710.00).

Denmark pledged 100 million Danish Krone ($13,928,550.00) in September, with a focus on fragile areas such as northern Africa's Sahel region.

Germany would contribute €170 million ($175,669,500.00) to a "Global Shield" initiative launched by the Group of Seven rich countries and finance ministers from the Climate Vulnerable Forum, a group of 58 developing countries facing climate impacts.

The initiative aims to improve insurance and disaster protection finance. Germany has not specified when the funds will be made available.

Over the next four years, Austria has pledged at least €50 million ($51,667,500.00).

Ireland has pledged €10 million ($10,328,300.00) from its €225 million ($225,386,750.00) commitment to the "Global Shield" initiative for 2023, while Canada has pledged US$7 million.

Belgium has pledged €2.5 million ($2,582,075.00) as part of a €25 million ($25, 827,875.00) climate-related assistance package for Mozambique from 2023 to 2028.

Rich countries contributed $83.3 billion in climate finance in 2020, with adaptation accounting for one-third of the total.

The National Coordinator of the Civil Society Network on Climate Change (CISONECC), Julius Ng'oma, expressed concern about the G7 countries' decision to channel climate risk financing through a newly launched fund called the Global Shield rather than supporting the creation of a loss and damage fund, which is already on the agenda. The global shield initiative, which was launched last week at this COP, aims to help the 20 most vulnerable countries (V20) access funds for disaster preparedness and response more easily and quickly.

"Countries are putting money into the global shield, loss, and damage-related interventions, but they refuse to fund the financing facility that must be established. They are avoiding being held accountable because they will be seen to be doing something on loss and damage," Ng'oma explained.