Kerry: $100 billion climate financing target could be met earlier than planned

U.S. special envoy for climate John Kerry said Tuesday the global target of $100 billion in annual climate financing for the developing world could be met earlier than planned.

Kerry told reporters at an event for the 26th United Nations climate change conference (COP26) that a commitment from Japan to offer $10 billion over five years to support decarbonization in Asia could boost global funding beyond that amount.

Japan’s pledge “has the ability to leverage and to produce from the World Bank and other sources about another $8 billion,” Kerry said, according to Reuters.

“So that will put us over — if that detail gets locked in properly — that would put us over the 100 for next year, not waiting until [20]23,” he continued. “But as we all know, at these gatherings, it’s not over until it’s over. It’s not done until it’s done, but I believe it can [be].”

In 2009, the world’s developed countries set a goal of contributing the money to help developing countries mitigate climate change by 2020.

A report released by the United Kingdom’s COP26 Presidency last Monday said that the world would likely not meet this goal by 2022, but expressed “confidence” that the goal could be met in 2023 based on pledges that had been made by developing countries thus far.

Speaking to reporters on Tuesday, Kerry also hinted that trillions of dollars in new commitments would be made to combat climate change.

“Tomorrow, there’ll be an announcement,” Kerry said. “I’m not going to jump the announcement, but there will be tens of trillions of dollars announced that are available to be invested.”