Finance ministers across the globe as well as international finance institutions yesterday agreed to mobilise funding for rapid, large-scale climate action.
Addressing newsmen, COP26 President Alok Sharma, said already, there were more public and private finance for climate action than ever before, “but to meet the commitments made in the Paris Agreement and keep 1.5 alive, we need developed countries to deliver on public finance, and to unleash the trillions required in private investment.
On meeting the $100 billion commitment and financing adaptation, countries made new commitments to increase finance to support developing countries to deal with the impacts of climate change. New commitments for climate financing also came from the United Kingdom, Spain, Japan, Australia, Norway, Ireland and Luxembourg, which build on the plan set out ahead of COP26 to deliver the $100 billion per year to developing countries.
On public finance for a net zero future and the direct benefits of what public climate financing could achieve, leaders from South Africa, the United Kingdom, the United States, France, Germany and the European Union announced a ground-breaking partnership to support South Africa with an accelerated just energy transition.
The United States, the European Commission and the UK also committed to work in partnership with countries to support a green and resilient recovery from COVID-19 and boost investment for clean, green infrastructure in developing countries.