The COP26 climate summit will focus on trying to agree on a plan to guarantee financing to developing countries.
Next week, the COP26 climate summit will focus on its final stretch in trying to reach a consensus on a plan to guarantee financing to developing countries so that they can adapt to climate change, said this Saturday the president, former British minister Alok Sharma.
At a press conference at the meeting venue in Glasgow, Scotland, Sharma urged the negotiators of the different countries to close the maximum number of issues today so that they can be reviewed at the ministerial level starting Monday.
The conservative politician explained that, since the start of the summit on October 31, negotiations on “climate empowerment, gender, agriculture, research and systematic observation, matters on least developed countries and national adaptation plans ”.
Among the topics that will be referred to the ministers highlights “The debate on finances, which is a priority for this presidency”, affirmed the leader of COP26, who announced that discussions have begun to agree on more financial contribution between now and 2025.
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The president of the 26th UN climate summit acknowledged that offering grants and loans to developing countries, mostly heavily affected by climate change that they did not instigate, it is key to “creating confidence that commitments will be honored.”
In addition to the money for adaptation, necessary for these States to transform their societies and economies in the face of climate challenges and thus reduce their CO2 emissions, capital is required for “damages and losses” caused by already unavoidable natural disasters.
Sharma indicated that next week also the regulatory framework of the 2015 Paris Agreement will be addressed – which set the goal of trying to limit global warming to 1.5 degrees this century – so that it can be fully implemented.
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In particular, he added, it is important to promote a transparent process by which countries demonstrate their achievements in reducing emissions of harmful gases; establish timetables for the review of these national goals and develop Article 6, which allows cooperation and exchanges between States to achieve global greenhouse gas removal targets.
The former minister also announced that they will try to reach an agreement to “Accelerate” emission reduction commitments so that the 1.5 degree hope can remain viable.
During this first week, the countries participating in person at this summit have made a series of significant announcements regarding the Climate change “mitigation”, core of the first phase of the negotiations.
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They have revealed, for example, agreements, with more or less support, to stop building coal plants; not finance new coal and other hydrocarbon projects abroad; reduce methane emissions; stop deforestation by 2030 or mobilize private capital to offer credit to states to equip themselves against the climate. (I)
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