Monetary pledges have been made at COP26 to help limit global temperature rises to 1.5 degrees Celsius.
In their day of meetings at COP26 finance ministers and international finance institutions across the globe have made an agreement to make funds available for large-scale climate action in recognition that monetary pledges are critical in order to help limit global temperature rises to 1.5 degrees Celsius.
Prior to the pledge, it was decided that $100bn would be committed towards developing countries and financing adaptation. On 3 November, COP26 saw countries make new promises to increase their financial support to help developing countries deal with the impact of climate change. Norway agreed to triple its adaptation finance, while Japan and Australia promised to double theirs. The new agreements also included the largest adaptation of financial contributions from the US to date, to reduce the climate impacts on the areas most vulnerable to the climate crisis worldwide. Additionally, Canada committed to setting aside 40% of its climate finance for adaptation. New commitments for climate financing also came from the UK, Ireland, Switzerland, Spain, and Luxembourg.
“COP26 saw countries make new promises to increase their financial support to help developing countries deal with the impact of climate change.”
£100m in new funding was announced by the UK to support the Taskforce on Access to Climate Finance. This is a partnership between five countries – Bangladesh, Fiji, Jamaica, Rwanda and Uganda – to support local communities and give financial aid towards their climate plans.
The same day, leaders from South Africa, the UK, the US, France, Germany and the European Union declared a partnership to assist South Africa with an energy transition proposition. The international coalition announced that $8.5bn could be mobilised over the next three to five years to help South Africa achieve its emissions reduction target. South Africa is one of the world’s most carbon-intensive electricity producers, thus the backing to attain this ambitious goal was welcomed and will be crucial.
“$8.5bn could be mobilised over the next three to five years to help South Africa achieve its emissions reduction target.”
COP26 president Alok Sharma stated on 3 November: “Today, there is more public and private finance for climate action than ever before.
“But to meet the commitments made in the Paris Agreement and keep 1.5C alive, we need developed countries to deliver on public finance, and to unleash the trillions required in private investment to create a net-zero future and protect lives and livelihoods from the devastating effects of climate change.
“I am delighted that work is underway to mobilise finance into developing countries to help with their energy transition – countries are telling us what they need, now global finance needs to respond.”
The commitments by finance ministers are a big step in the right direction for climate change. By supporting developing countries in their climate plans, the goals and aims set out over the next two weeks become more and more attainable.
