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News In Brief Around the World

$100 Billion Unfulfilled Promise Looms Large Over the Environment Crisis, Will Be the Main Issue in COP26

News In Brief Around the World

$100 Billion Unfulfilled Promise Looms Large Over the Environment Crisis, Will Be the Main Issue in COP26

hundred-billion-dollar-unfulfilled-promise-looms-large-over-the-environment-crisis-will-be-the-main-issue-in-cop26

News Synopsis

The environment has always been a scathing issue for leaders for ages. Issues like climate change, ice-caps melting, pollution, etc. have always been at the forefront of government policies. and yet, the recent UN report revealed that nothing much has been done by governments or big corporations. The report has put out two elements that contribute most to global pollution. One more unfulfilled promise that has come to the surface is the $100 billion investment that was promised by developed countries like US, Germany, Sweden, etc. to underdeveloped countries so that they can invest it in clean technologies. 

In a brave promise made a decade ago, developed countries had decided to make a total investment of $100 billion in underdeveloped countries so that they can invest in clean and eco-friendly technology. But unfortunately the promise hasn't been fulfilled. The biggest problem here is that no one knows who owes what? It seems that the promise was made just for appearances and the technicalities were never figured out. But the majority of the blame lies apparently with the US who has only contributed to 4% of its total share. The US is also responsible for the greatest deficit in absolute terms. 

There were a total of 23 countries that were responsible for the massive investment. Among these 23, only Germany, Norway and Sweden have fulfilled their promise and paid their fair share. Since the report has come out in anticipation of COP26, the donor countries are facing a lot of criticism for this. 

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