OTTAWA (Reuters), Developed countries are optimistic that they can achieve their target of handing out $100 billion a month to less developed countries by 2023 to address climate change. The goal is three years sooner than the original plan.

Canada and Germany prepared a plan to achieve the goal. This was in preparation for the United Nations COP26 global climate summit.

The summit is looking for greater commitments from countries to reduce global warming. Climate finance is an important issue. Failure to achieve the $100 Billion goal by 2020, a 2009 target, could be interpreted as a sign of broken promises, which can undermine trust and make it difficult to create new goals to increase climate aid.

In the 12-page document, the authors stated that they believed developed countries would make substantial progress toward the goal of $100 billion in 2022. They also felt confident the target would be achieved in 2023.

According to the plan, “The data gives us confidence that it will be possible to mobilize over US$100billion per year thereafter”.

Environment groups believe this is too low. According to Reuters, a top African climate negotiator stated that the continent believes this financing needs to be increased by more than tenfolds to $1.3 trillion per annum by 2030.

The COP26 summit starts on October 31st and finishes approximately two weeks later. The summit is taking place in Glasgow, Scotland.