Britain drafts COP26 plan to make sure promised climate cash arrives

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FILE PHOTO: Britain’s Prime Minister Boris Johnson arrives for the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, Britain November 10, 2021. Businesshala / Phil Noble / Poole
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GLASGOW (Businesshala) – The British host of the COP26 UN climate talks published a proposal on Saturday to ensure that rich countries provide climate finance to the world’s poorest in future years, after previous promises remained unfulfilled. .

Finance has proven to be one of the toughest issues here to resolve at the meeting in Glasgow, Scotland. Developing countries say rich countries whose emissions are responsible for the majority of human-caused climate change have long been committed to giving $100 billion per year by 2020 to support their efforts to combat the effects of global warming. Failed to fulfill promise.

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The draft document, one of several drafted by Britain to be published at the end of COP26, requires approval from the nearly 200 countries represented at the summit. It calls on a UN committee to report on progress toward providing $100 billion next year. Government ministers will also meet in 2022, 2024 and 2026 to discuss the issue of finance.

Regular check-ins will aim to keep pressure on wealthy countries from fulfilling their promises to raise cash after failing to meet their 2020 targets.

The wording of the British proposal “notes with grave concern” that the $100 billion is still not completed, and urges countries to increase their contributions to deliver it.

Rich countries are expected to give $100 billion in 2023, although some have suggested it could be completed next year.

The European Union and Italy were preparing a proposal at the last minute on Friday that would use special drawing rights to help meet the $100 billion target next year, an EU official said.

Reporting by Kate Abnett and Valerie Volcovici; Editing by Francis Carey

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