The 26th Conference of the Parties to the UN Framework Convention on Climate Change continues in Glasgow city (the UK).
The summit participants, in particular finance ministers of developed countries, discussed soonest mobilization of funds for rapid and large-scale actions to combat climate change.
South Africa will receive $8.5 billion for soonest transition to green energy.
It was stated at the summit that the approval procedure for $130 trillion of private finance through the Glasgow Financial Alliance has been completed.
COP26 President Alok Sharma said that more public and private funding is being allocated for the fight against climate change than ever before. But fulfilling the commitments made within the Paris Agreement and keeping global warming at 1.5 degrees Celsius requires money from developed countries to secure public finances and free up the trillions needed for private investment to protect against the devastating effects of climate change.
«This is why we made finance such a key focus for COP26, that why these new commitments from countries and the private financial sector are so welcome, and that is why we continue to push countries to do more to meet their financial commitments. I am delighted that work is currently underway to mobilize finance to developing countries to assist in their energy transition. Countries tell us what they need, and the global finance needs to respond now,» he stressed.
Countries have made renewed commitments to increase funding to support developing economies in tackling the effects of climate change.
They include the largest US adaptation finance commitment to date to mitigate the impact of climate on the most vulnerable. In addition, Canada has pledged to allocate 40 percent of its climate finance for adaptation.
To overcome the difficulties that many countries face due to bureaucracy in securing climate investments, new UK funding of £100 million has been announced to support the task force’s approach to access to climate finance. It is co-chaired by the UK and Fiji.
The UK has also committed £576 million for a package of financial resource mobilization initiatives for developing countries, including £66 million to expand the UK MOBILIST program.
At least 35 countries agreed to take binding action to ensure that investors have access to reliable information on climate risks to channel their investments into greener areas. To ensure common standards, 36 countries welcomed the announcement of creation of a new international body, the International Sustainable Development Standards Board (ISSB).
The UN Climate Change Conference is being held in Glasgow (UK). It has been postponed for a year due to the coronavirus pandemic. Leaders of more than 100 countries of the world will sum up the results of the five-year cycle, which started with signing of the Paris Agreement in 2015. It provides that in the current century, the temperature on the planet on average should not rise by more than 2, it is better — by 1.5 degrees Celsius. It is believed that this very threshold will allow avoiding irreversible impact on the ecosystem. But the document still does not specify a mechanism for monitoring its observance, or enforcement measures.
