Delivery of climate finance will be the key to COP26

Source(s)
Daily Star, the - Bangladesh

By Saleemul Huq

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The upcoming 26th Conference of Parties (COP26) of the United Nations Framework Convention on Climate Change (UNFCCC) is to be held in Glasgow, Scotland in November, with the United Kingdom as the host. The incoming COP26 President designate Alok Sharma has rightly said that the delivery of the "totemic 100 billion US Dollar" in climate finance from developed countries to developing ones to tackle climate change is going to be the key to whether COP26 succeeds or fails.

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A second detail of this climate finance promise was the demand by the developing countries that at least 50 percent of it should go to the most vulnerable developing countries to support adaptation in the most vulnerable communities there. It has proven very difficult to even track this, as information on where the money went has been very non-transparent. Nevertheless, analysis of available figures by researchers at the International Institute for Environment and Development (IIED) traced these amounts and found that only 20 percent went for adaptation, while 80 percent went for mitigation.

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So even though the COP26 President designate Alok Sharma has admitted this is a make or break issue for the success of COP26, he needs the Chancellor of the Exchequer of the UK, Rishi Sunak, to deliver the money, which he has not done. In fact, the Chancellor has actually cut the development assistance budget of the UK instead.

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