Rich Nations Lag Behind in Meeting $100 Billion Climate-Funding Pledge in Blow to COP26

Wealthy governments won’t fulfill a pledge to provide $100 billion a year to help developing countries fight climate change until at least 2023, according to a new report from climate negotiators, a setback that comes just days before a closely watched United Nations climate summit starts in Scotland.

The pledge was a key part of the 2015 Paris climate accord, helping to persuade developing nations to sign the deal and commit to limit their own emissions. Rich nations said they would funnel $100 billion a year from 2020 to 2025 to poorer countries to help them transition to greener energy and adapt to the effects of climate change, such as rising sea levels and drought.