COP26: DRAFT DEAL CALLS FOR RICH COUNTRIES TO SCALE UP CLIMATE FUNDS

Wed 10 November 2021:

On Wednesday, a draft declaration being negotiated at the COP26 climate summit in Glasgow urged developed countries to “scale up” their contributions to the climate fund, expressing “serious concern” that current finance are insufficient to help developing countries respond and adapt to “worsening climate change impact.”

Rich countries agreed to channel $100 billion per year to less fortunate countries by 2020 to assist them cope with climate change at the COP15 in Copenhagen 12 years ago, but the promise has yet to be fulfilled.

The COP26 presidency’s statement “reaffirms” the long-term global aim of keeping global average temperature rise well below 2 degrees Celsius above pre-industrial levels, but “recognizes” that the impact of climate change will be “much lower” at 1.5 degrees Celsius.

The draft also reminds countries that under the Paris Agreement they can submit new, more ambitious climate pledges at any time and for the first time calls for countries to phase out coal and fossil fuel subsidies.

It also encourages governments to consider additional ways to reduce non-carbon dioxide greenhouse gas emissions, urges them to speed up the phase-out of coal and fossil fuel subsidies, and emphasizes the necessity of implementing nature-based solutions and ecosystem-based approaches.

The COP26, which takes place in Glasgow from October 31 to November 12, is widely seen as the world’s final opportunity to reach substantial pledges to meet the 2015 Paris Agreement’s targets for greenhouse gas reduction, carbon neutrality, global warming, and climate financing.

Diplomats from the nearly 200 countries represented at COP26 will hunker down on Wednesday to negotiate a final text they are all willing to sign when the summit ends this weekend.

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