British proposal for COP26 wants to outline plan for climate finance

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The British hosts of the COP26 climate negotiations published on Saturday (13) a proposal to ensure that rich countries provide climate finance to the world’s poorest nations in the coming years, as the promises of the past continue to await unfulfilled definitions.

Funding proved to be one of the most difficult issues to resolve at the meeting in Glasgow, Scotland. Developing nations say rich countries whose emissions are responsible for most of the climate change caused have failed to deliver on a long-held promise — to deliver $100 billion a year by 2020 to support efforts against the effects of global warming.

The draft document, which is one of many drafted by the UK to be published at the end of COP26, needs approval from the nearly 200 countries represented at the summit.

He asks a UN committee to report next year on progress in delivering the $100 billion. Government ministers would also meet in 2022, 2024 and 2026 to discuss the issue of finance.

The purpose of the regular checks would be to keep pressure on rich countries to deliver on their promises to mobilize the money after they have missed the first 2020 target.

The British proposal text “notes with great concern” that the $100 billion has not yet been met and urges countries to increase their contributions to deliver the fund.

Rich countries expect to deliver the amount in 2023, although some have suggested that the amount could be reached next year.

The European Union and Italy were crafting a last-minute proposal on Friday to use special drawing rights to help ensure that the $100 billion target is met next year, an EU official said.

Reference: CNN Brasil

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