China says developed countries must fill finance gap due to US exit

Acknowledging that the US withdrawal from Paris Agreement would hurt efforts to raise financial resources to fight climate change, China has said it was the responsibility of other developed countries to enhance their contribution and fill the gap that would arise.

“We already have a finance gap, and because of the withdrawal of the United States, which has also indicated that it might not fulfill its financial obligations, the gap will only become bigger… I still do not have the calculations how big this gap would be if US decides to cut off its contribution in terms of finance, but I hope that other developed countries would honour their own promises,” China’s negotiator Chen Zhihua told reporters at the climate change conference in Bonn.

Developed countries have promised to raise at least USD 100 billion every year from 2020 to help developing countries deal with the impacts of climate change.

The decision of the United States to withdraw from the 2015 Paris Agreement has raised fears that the developed countries might not be able to fulfil this promise. China said there was no option but the other developed countries to step in and increase their own contributions.

UCJ, UNILORIN.