This Oct 20, 2021 photo shows banners advertising the COP26 climate talks in Glasgow, UK. (IAN FORSYTH / BLOOMBERG)

Rich countries have failed to meet their pledge to contribute US$100 billion a year to poor nations confronting climate change, undermining the chances of success at a key COP26 summit this month. 

Under a blueprint for the spending released Monday, developed countries will only reach the collective target three years late in 2023. That falls short of poor countries’ hopes for the group to muster the funds on average between 2020 and 2025, despite initial shortfalls. 

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The failure to make up for initial shortfalls and still provide an average of US$100 billion annually is likely to complicate talks at the COP26 climate conference

“The delivery plan shows that developed countries will make significant progress towards the US$100 billion goal in 2022 and provides confidence that it will be met in 2023,” said the report. “The data also provides confidence that developed countries can mobilize more than US$100 billion per year thereafter through to 2025.”

The report, produced by Canada and Germany at the request of COP26 President Alok Sharma, has been closely watched as a sign of the commitment of wealthy nations whose greenhouse gas emissions are most responsible for fueling climate change. 

The failure to make up for initial shortfalls and still provide an average of US$100 billion annually is likely to complicate talks at the COP26 climate conference.

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Based on analysis by the OECD, climate finance will reach US$83 billion to US$88 billion this year, rising to US$92 billion to US$97 billion in 2023.