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The analysis found that this would lead to a huge funding gap for climate-vulnerable countries, ranging from A $ 94 billion (US $ 68 billion) to A $ 104 billion (US $ 75 billion) between 2020 and 2025.

Oxfam Australia CEO Lyn Morgain urged rich countries to meet the 2020 pledge.

“Rich countries need to keep the promise they made 12 years ago and put their money where they say it. We need to see real funding increases now,” she said.

She said decisive measures taken to respond to the pandemic should also be applied to “the climate emergency”.

“Millions of people from Senegal to Guatemala have already lost their homes, livelihoods and loved ones to overfed storms and chronic droughts, caused by a climate crisis that they haven’t done much to do.”

British Prime Minister calls on world leaders

The analysis precedes informal climate talks between world leaders at the United Nations General Assembly later Monday.

British Prime Minister Boris Johnson is using his meetings over the next three days in New York and Washington to call on world leaders to keep their climate finance pledge.

Mr Johnson is trying to raise the level of ambition of climate commitments on emissions and finance ahead of next month’s COP26 meeting in Glasgow.

He said it would be difficult to meet the climate finance commitment, but that there is better than a level playing field.

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“I think getting it all this week is going to be overkill. But I think getting it all before the COP, six out of 10. It’s going to be tough,” he told reporters.

“But people need to understand that this is crucial for the world. Some countries are really stepping up. Others, some G20 countries, need to do a lot more.”

Prime Minister Scott Morrison left for the United States on Monday where he will meet Mr Johnson and attend the first face-to-face summit of Quad Alliance leaders.

OECD data released last week found that the pace of climate finance slowed further between 2018 and 2019, increasing 2% to $ 79.6 billion.

Data for 2020 recording the impact of the pandemic is not yet available.

British Prime Minister Boris Johnson boards a plane to Washington where he will meet with US President Joe Biden and Australian Prime Minister Scott Morrison.

Source: PAA

Leaders of the poorest and climate vulnerable countries have said that climate finance from rich countries is essential to implement their climate plans.

As part of its commitment to the 2015 Paris climate agreement, India, the world’s third-largest carbon emitter after China and the United States, is expected to reduce its carbon footprint from 33 to 35 % from 2005 levels by 2030. Commitment would depend on climate finance, Reuters reports.

The Philippines said it could only fund about three percentage points of its pledge to cut emissions by 75% by 2030.

Australia has set a 2030 target of reducing its emissions by 26-28%.

Mr Morrison signaled his intention to go to net zero by 2050 – a goal adopted by more than 100 countries.

“Catastrophic path”

The United Nations warned this weekend that the world was on a “catastrophic path” of global warming of 2.7 ° C.

UN Secretary-General Antonio Guterres has said exceeding the 1.5 ° C target agreed in the 2015 Paris agreement would be disastrous.

“Failure to achieve this goal will be measured by the massive loss of lives and livelihoods,” he said.

Last month, the latest report from the Intergovernmental Panel on Climate Change (IPCC) found that the global warming threshold of 2 ° C could be reached by 2030, a decade earlier than expected.

The report found that the world has now reached about 1.1 ° C of global warming in the century since industrialization began between 1850 and 1900. The impact has been uneven across regions, with warming in Australia reaching 1.4 ° C.

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