The world’s wealthiest nations should deliver on their pledge to provide $100bn per year of climate financing to cut energy bills and boost renewable projects across developing countries, argued clean technology firm Wärtsilä

It has urged so-called Annex I countries – 40 high-emitting countries across the West to honour its pledges to fund climate change mitigation measures.

This includes reducing greenhouse emissions in developing countries, and adaptation to climate change.

The OCED has tracked the group climate commitments, revealing that they have not reached the $100bn dollar level yet – with financing instead reaching just $83.3bn in 2020.

In its group’s latest research, Wärtsilä calculated that a boost in renewables could provide reliable energy to 100m people across South Africa, Mozambique and Nigeria without power, if it were matched with necessary grid infrastructure.

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